Switzerland Mulls Implementing Crypto Asset Reporting Framework

IconCNT16 May, 2024

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Switzerland Mulls Implementing Crypto Asset Reporting Framework

The Swiss Federal Council has launched a consultation on implementing a Crypto Asset Reporting Framework (CARF), a global tax standard designed to combat cryptocurrency tax evasion. CARF's recent expansion includes the automatic exchange of information on crypto held abroad. According to the council, introducing CARF will solidify Switzerland's position as a leader in crypto-asset jurisdiction and strengthen the integrity of its financial sector. The framework aims to improve tax compliance by treating crypto assets like traditional assets. The consultation process will run until September 6th, after which the proposal will be presented to parliament for approval before CARF can be introduced.

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