Switzerland Proposes Global Crypto Information Exchange
Switzerland plans an automatic exchange of information on crypto assets with India and 73 other countries to track undisclosed funds. This aligns with existing financial data-sharing frameworks. The initiative is set to begin in 2026, facilitating transparency in crypto holdings internationally.
- Country:
- India
Switzerland has announced a groundbreaking proposal for the automatic exchange of information regarding crypto assets with India and 73 other nations. This initiative aims to assist in the detection of undisclosed funds held by Indians in foreign virtual currencies.
Currently, India and Switzerland have an information-sharing framework for bank accounts and other financial assets, which has been instrumental in revealing funds hidden abroad by Indian citizens. The proposed extension to crypto assets is poised to enhance this transparency further.
The Federal Council of Switzerland stated on Friday that the move would involve all European Union members, the UK, and most G20 countries, excluding the US and Saudi Arabia. The automatic exchange, expected to start in 2026, depends on interested partner states fulfilling the OECD's Crypto-Asset Reporting Framework criteria.
(With inputs from agencies.)
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