Switzerland's Crypto Game-Changer: 74 Countries Join Data Swap Party, but US, China, and Saudi Arabia Miss Out

Swiss Federal Council Unleashes Crypto Data Sharing Bill

Hang on to your hats, crypto fans! Switzerland's Federal Council just dropped a bombshell bill that's set to shake up the crypto world. They're ready to swap crypto intel with a whopping 74 countries, but hold up—big players like the US, Saudi Arabia, and China are sitting this one out.

On June 6, the Swiss Federal Council unleashed this game-changing bill, poised to kick off a global dance of data sharing on crypto assets. This isn't just a minor tweak; it's a full-blown revolution in how crypto info gets shared across the globe.

Mark your calendars: this bill is set to go live in January 2026, and the first data exchange party is planned for 2027. That's right, Switzerland is ready to spill the beans on its crypto assets to 74 countries they've tagged as "relevant to the crypto market."

While the full guest list remains under wraps, the council spilled that all EU countries are in, alongside the UK and most G20 nations. It's a VIP list for the crypto data exchange bash!

The Federal Council has greenlit this bill, aiming to share the crypto love with 74 partners, including the UK, every EU member, and the bulk of the G20 (minus the US, China, and Saudi Arabia). Now, the ball's in Parliament's court to debate this hot topic.

But here's the twist: the US, Saudi Arabia, and China won't be sipping the data-sharing cocktail. The Swiss Federal Government took to X to make it crystal clear which countries are missing out on the party.

Yep, the US, Saudi Arabia, and China are on the no-entry list for this data-sharing extravaganza.

There's a catch, though. The Swiss are only sharing if these partner states agree to dish out their own crypto asset info in return. Plus, they've got to play by the rules set out in the Crypto-Asset Reporting Framework, cooked up by the OECD.

And it doesn't stop there. The council's keeping a close eye on these partner countries, ready to check if they're still up to standard before any data gets exchanged.

"Before we start swapping crypto data, we'll make sure these partner states are still meeting the mark," the Swiss Federal Government council declared.

So, what's the big deal with the Crypto-Asset Report Framework? It's all about tackling cross-border tax evasion, bringing some much-needed transparency to the wild world of crypto. It's forcing Crypto-Asset Service Providers—like exchanges and wallet providers—to spill the beans on users' tax homes and ID numbers.

And these providers? They've got to report annually on the juicy details, from crypto-to-fiat swaps, crypto-to-crypto exchanges, to straight-up transfers of crypto assets.