Switzerland plans info exchange on crypto assets with India and 73 other countries

 

 

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.