Latest news with #Crypto-AssetReportingFramework
GMA Network
18-06-2025
- Business
- GMA Network
PH to implement crypto-assets reporting framework
The Department of Finance (DOF) on Wednesday said the Philippines is committing to implement a framework on reporting crypto-assets in a bid to combat cross-border tax evasion and illicit financial flows. In a statement, the DOF said the commitment to execute the Crypto-Asset Reporting Framework (CARF) by 2028 was signified by DOF Revenue Operations Group Undersecretary Charlito Martin Mendoza during the 8th Asia Initiative Meeting in Malé, Maldives held from May 26 to 29, 2025. The CARF institutionalizes the framework for the reporting and automatic exchange of information in relation to crypto-assets between tax authorities for tax compliance purposes. The Philippines now joins 67 other jurisdictions already committed to implementing the CARF by 2027 or 2028. 'We need faster and stronger systems for collaboration if we are to beat tax evasion and illicit transactions. This is a timely commitment as digital currency becomes one of the preferred means for transactions,' said Finance Secretary Ralph Recto. 'The government must ensure that crypto-asset users are paying their fair share of taxes and that no illicit financial activity goes unpunished,' added Recto. —VAL, GMA Integrated News
The Print
06-06-2025
- Business
- The Print
Switzerland plans info exchange on crypto assets with India, 73 other countries
While there are no clear-cut regulations as yet in India on cryptocurrencies, they are regulated from the perspective of anti-money laundering laws. 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. New Delhi/Berne, Jun 6 (PTI) 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. 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. PTI BJ DR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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First Post
06-06-2025
- Business
- First Post
Switzerland proposes info exchange to track crypto funds stashed by Indians abroad
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 read more 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. STORY CONTINUES BELOW THIS AD 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. STORY CONTINUES BELOW THIS AD '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.
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Business Standard
06-06-2025
- Business
- Business Standard
Switzerland to exchange crypto info with India, 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. 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.
Hindustan Times
06-06-2025
- Business
- Hindustan Times
Switzerland plans info exchange on crypto assets with India, 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. 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.
