Switzerland Seeks Public Input on Embracing International Standards for Crypto Tax Reporting
Switzerland, known for its progressive approach to cryptocurrency regulation, is once again making headlines as its top authority invites public comment on embracing international standards for crypto tax reporting. The Federal Council, the seven-member body that leads the Swiss government, is looking to implement the Crypto-Asset Reporting Framework (CARF) to increase tax transparency and ensure equal treatment for crypto assets as regular assets.
The consultation document, released on May 15, aims to gather feedback on Switzerland’s participation in the Automatic Exchange of Information (AEOI), a global initiative to combat tax evasion. Switzerland’s current schedule for accession to the AEOI is January 1, 2026, signaling the country’s commitment to international tax cooperation.
The CARF standards, which govern the management of crypto assets and their providers, are expected to be fully embraced by approximately 50 nations by 2027. This move will not only enhance tax transparency but also strengthen the fight against money laundering on a global scale.
In addition to aligning crypto tax reporting with international standards, Switzerland’s federal authority aims to address shortcomings in the tax transparency process and ensure equal treatment for traditional assets and financial institutions. The consultation period will conclude on September 6, giving stakeholders the opportunity to weigh in on the proposed changes.
Meanwhile, Canada has also set its sights on adopting the CARF for taxes by 2026, with crypto asset service providers (CASPs) facing additional reporting obligations. Transactions involving crypto assets and fiat, as well as crypto-to-crypto transactions, will need to be reported to the Canada Revenue Agency (CRA) once the rule takes effect.
As countries around the world move towards greater regulation of the crypto market, Switzerland and Canada are taking proactive steps to enhance tax transparency and combat financial crimes. Stay tuned for further developments as these nations pave the way for a more secure and transparent crypto ecosystem.
