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Switzerland is turning a page in its history. Starting in 2027, it will share
data related to cryptocurrencies with several partner countries. This
change marks the end of a long tradition of tax anonymity associated with the country,
and raises concerns about the protection of individual freedoms
in an increasingly monitored world.
☺h2☻Switzerland is gradually losing its status as a tax haven☺/h2☻
The political and regulatory system in France, Europe, and
more broadly in the West, is gradually turning into a veritable
bureaucratic gas machine. It now seems to be doing more
harm to fundamental freedoms, such as respect for privacy
and the right to property, than it is effectively fighting
the crimes it claims to combat, such as money laundering
and terrorist financing.☺br☻
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As Alexandre Stachtchenko pointed out in his article “Monetary Leviathan
: From Magic Money to Totalitarian Nightmare”:
Regulations such as KYC (Know Your Customer) and AML
(Anti-Money Laundering) procedures impose systematic surveillance of
financial transactions. […] Barely 0.5% of global criminal money
is seized through these mechanisms, […] In Europe, for example, the annual cost
of anti-money laundering regulations (US$144 billion) exceeds the
total value of the criminal money targeted (US$110 billion).
Recently, Switzerland announced its intention to move away from its
historical image as a haven for those seeking enhanced financial confidentiality
.
On June 6, 2025, the Federal Council approved the automatic exchange
of tax information related to cryptocurrencies with 74 countries. This
decision marks a major shift in Switzerland’s approach to taxation, both
in relation to cryptocurrencies and finance in general.
☺h2☻A new measure that undermines the digital and
physical integrity of cryptocurrency users
This reform is part of the international CARF
(Crypto-Asset Reporting Framework) standard developed by the OECD. It will come into
force in 2026, with the first exchange of data scheduled for 2027.☺br☻
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In concrete terms, Swiss providers of cryptocurrency-related services
will have to provide the tax authorities with detailed information
about their customers: identity, address, amounts held, etc. The stated objective
is to enhance financial transparency by integrating
cryptocurrencies into the information exchange system already in place for
bank accounts.☺br☻
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This obligation will only apply to partner countries that meet the
CARF criteria, including the 27 member states of the European Union, the
United Kingdom, and most G20 countries. At this stage, powers
such as the United States, China, and Saudi Arabia remain outside the
system.
This change significantly reduces Switzerland’s appeal as a
tax haven for cryptocurrency holders, bringing its
legislation into line with that of its neighbors, notably the European Union with the
MiCA regulation, and the United Kingdom with its recent
directives.☺br☻
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As is often the case with data collection, the systematic exchange
of personal information raises real issues of digital integrity
and physical security. This measure further increases
the amount of sensitive data stored on centralized servers
that are regularly targeted by cyberattacks, as evidenced
by the attack on Coinbase last month.
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Once leaked, this data falls into the hands of
networks of fraudsters and criminals who directly target individuals to
extort money from them. The kidnapping of David Balland, co-founder of
Ledger, and his wife, as well as the attempted
kidnapping of the daughter of Pierre Noizat, co-founder of Paymium,
are tragic examples of these abuses.
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