Switzerland, one of the world's leading financial centers, is taking significant steps to enhance transparency in the cryptocurrency sector. The Swiss government (Federal Council) has just passed a bill requiring crypto companies to prepare for the automatic sharing of data related to digital assets with 74 countries, including the United Kingdom and the entire European Union (EU). This bill is currently being debated in parliament.
This move demonstrates Switzerland's commitment to complying with international standards on anti-money laundering and counter-terrorism financing, while also affirming the country's position as a model of financial transparency. Implementing the Automatic Exchange of Information on Financial Accounts (AEOI) for crypto data will help member countries gain a clearer view of their citizens' digital asset activities, thus effectively preventing cross-border tax evasion and money laundering.
This proposal also includes most G20 countries, except the US, China, and Saudi Arabia. This indicates a trend of globalization in the management and oversight of the cryptocurrency market, where countries are striving to collaborate to create a safer and more reliable digital financial environment.
Switzerland's pioneering effort to establish an automatic crypto data sharing mechanism is an extremely positive signal for the cryptocurrency market. It not only strengthens confidence in the legality and sustainability of digital assets but also promotes the development of a more transparent, compliant, and responsible crypto ecosystem in the long term.
The information in this article is for reference only and is not investment advice.#Switzerland #Eu #anhbacong
