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Automatic exchange of information on crypto assets: Do you have undeclared crypto assets?

On August 14, 2024, the Federal Council opened the consultation on determining the partner states for the automatic exchange of information (“AEOI”) on crypto assets, which ran until November 15, 2024. The AEOI on crypto assets is set to enter into force on January 1, 2026 and will be integrated into the AEOI on financial accounts.

For the first time in 2027, data relating to the year 2026 on the owners of crypto assets will be exchanged with the corresponding partner states. In order to know and report these owners, registration obligations apply. If providers of crypto services have a connection to Switzerland, they must register with the Federal Tax Administration (FTA) without being asked. This means that crypto service providers based abroad may also be obliged to register in Switzerland (e.g. if the administration takes place in Switzerland).

Crypto service providers must request a self-declaration from all customers so that they can submit corresponding reports to the FTA after registration. If you own crypto assets that have not yet been declared, you should promptly examine the possibility of self-disclosure without penalty. With the planned implementation of the law on January 1, 2026 at the latest (and possibly even before), a penalty-free voluntary disclosure of crypto assets will no longer be accepted and will result in fines.

We will be happy to keep you up to date, especially when the final implementation is due. For further information or individual advice, in particular on the possibility of subsequent declaration of previously undeclared crypto assets, please contact Remo Merz, certified tax expert remo.merz@fineac.ch.

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Remo Merz, 13.01.2025