Switzerland Plans to Adopt Global Crypto Reporting Standards for Tax Transparency

Switzerland is indeed planning to adopt global standards for crypto tax reporting to enhance transparency. The Federal Council, Switzerland's highest authority, aims to implement the Crypto-Asset Reporting Framework (CARF) to improve tax transparency and ensure equal treatment compared to traditional assets. The CARF is part of the Automatic Exchange of Information (AEOI) initiative, which aims to combat tax evasion through international cooperation among tax administrations. Switzerland, which previously adopted the OECD's Common Reporting Standard (CRS) in 2014, is now considering joining the CARF to regulate the handling of crypto assets and their providers. However, the implementation of CARF will require parliamentary approval, and a consultation process is currently underway to gauge public sentiment. The consultation will run for over three months and is expected to conclude on September 6.