Switzerland Delays CARF Cross‑Border Crypto Data Exchange to 2027
Switzerland will codify the OECD Crypto‑Asset Reporting Framework (CARF) into law on 1 January 2026 but has postponed actual cross‑border data exchanges until at least 2027. The Federal Council and parliamentary committees paused practical implementation after the National Council’s Economic and Taxation Committee (ETAC) suspended deliberations on partner jurisdictions and reciprocity. As a result, the crypto provisions of the Automatic Exchange of Information in Tax Matters (AEOIA) and its ordinance will not be applied in 2026. Swiss authorities approved amendments to the AEOI ordinance that introduce domestic duties for crypto service providers — registration, customer due diligence, reporting, nexus rules and transitional provisions to ease migration to amended CRS and CARF regimes — and firms must prepare to meet these 2026 domestic obligations. A previously prepared list of 74 partner jurisdictions (including most EU states and the UK) was approved in mid‑2025, but major economies such as the US, China and Saudi Arabia are not yet in the initial exchange group because of missing CARF alignment or reciprocal agreements. The delay gives regulators time to review legal safeguards, technical setups and reciprocity before any Swiss data leaves national systems. For traders, the headline effects are timing uncertainty for Swiss exchanges and service providers, potential operational and compliance cost changes, and staggered global rollouts of crypto tax reporting that may influence listings, custody decisions and cross‑border business flows.
Neutral
The delay is primarily a regulatory and administrative development rather than a market‑specific shock to any single cryptocurrency’s fundamentals. CARF’s codification into Swiss law in 2026, combined with postponed international exchanges until 2027, increases compliance uncertainty and operational costs for Swiss exchanges and service providers in the short term — which could temporarily affect listings, liquidity and custody flows tied to Swiss platforms. However, the measure does not alter crypto protocols, token economics or adoption trends directly, and most major jurisdictions continue staggered CARF rollouts, preserving the long‑term trajectory toward greater tax transparency. Therefore price impact on major tokens is likely limited and short‑lived: traders may see localized volume shifts or exchange relistings but no sustained directional move in broad crypto markets.