Switzerland is contemplating including crypto tax data within its international information exchange protocols.
The Federal Council on Wednesday initiated a consultation process for a new bill. This bill aims to facilitate the sharing of crypto asset information with 111 jurisdictions. These jurisdictions are currently part of the automatic information exchange. The sharing is subject to their compliance with the OECD’s Crypto-Asset Reporting Framework.
The country’s political framework allows the Federal Tax Administration to classify Bitcoin as a payment method. As a result, Bitcoin is exempt from Value Added Tax (VAT).
Switzerland has long led in cryptocurrency adoption. Locales like Lugano have pioneered accepting taxes in cryptocurrencies such as Tether and Bitcoin.
