Switzerland To Share Crypto Asset Data With India, 73 Nations Under New Global Framework
Switzerland to exchange crypto asset info with India, aiding in tracking undisclosed virtual wealth held abroad
Switzerland on Friday proposed an automatic exchange of information on crypto assets with India and 73 other countries, a move likely to help track funds stashed by Indians abroad in virtual currencies.
India and Switzerland already have an automatic exchange of information framework in place for bank accounts and other financial assets held by Indians in Switzerland, and vice versa. The two countries exchange this information yearly, and it has helped Indian authorities unearth many cases of undisclosed funds stashed abroad by Indians.
While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws.
The Reserve Bank of India has consistently maintained that it is concerned about cryptocurrencies as they can hamper financial stability, but these virtual currencies are considered legal tender in various other countries.
While there are no official estimates, it is suspected that a large number of Indians may have stashed undisclosed funds in crypto assets, and the proposed information exchange framework will help unearth those assets.
The Swiss government said in a statement that its Federal Council on Friday adopted a dispatch approving the list of 74 partner states for the automatic exchange of information concerning crypto assets.
In addition to India, the list includes all European Union member states, the UK and most G20 countries (except the US and Saudi Arabia).
The AEOI is expected to come into force on January 1, 2026, after approval of a relevant bill in Parliament. The first exchange of data is expected to take place in 2027.
An exchange will only take place if the partner states are interested in exchanging information with Switzerland and if they fulfil the requirements of the Crypto-Asset Reporting Framework developed by the Organisation for Economic Co-operation and Development (OECD).
Prior to the actual exchange of data on crypto assets, the Federal Council will also review whether the partner states with which the AEOI has been activated continue to fulfil the OECD standard's requirements.
"To this end, the existing review mechanism for the AEOI on financial account information should in future also cover the AEOI concerning crypto assets, which requires the corresponding federal decree to be amended accordingly," the Swiss government said.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
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