Switzerland Launches Public Consultation on Tax Information Exchange Related to Encryption: GoldFinance reported that Switzerland is considering incorporating encryption tax data into its international information exchange protocol. The Federal Council launched a consultation process for a new law on Wednesday. The law aims to facilitate the sharing of encryption asset information with 111 jurisdictions. These jurisdictions are currently part of automatic information exchange. Sharing depends on whether they comply with the OECD's encryption asset reporting framework. Switzerland has long been at the forefront of adopting cryptocurrencies. Places like Lugano were the first to accept taxes on cryptocurrencies such as USD (USDT) and BTC (BTC). The country's political framework allows the Federal Tax Administration to classify BTC as a means of payment. Therefore, BTC is exempt from value-added tax (VAT). The Federal Council's goal is to determine the start date for the automatic exchange of encryption-related information with its partner states. The consultation period for the proposed legislation will end on November 15, 2024.