Crypto Circle on CARF, MiCA and TFR Geneva

18 AVR. PwC PwC Geneva Avenue Giuseppe-Motta 50 1211 Geneva
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Event PwC Crypto Circle on CARF, MiCA and TFR Geneva header

Détails de l'évènement

Détails de l'évènement
Start At: avr. 18, 2024 08:30 Uhr
A déjà eu lieu
PwC Geneva Avenue Giuseppe-Motta 50 1211 Geneva
Audit / services financiers

About the event

Crypto-asset service providers are faced with demands for international transparency in crypto transactions as well as efforts by many governments to regulate their market access. 

At this event, we will present the CARF, MiCA and TFR regulations and will highlight their significance and impacts for Swiss and Liechtenstein crypto-asset service providers. We will also show how crypto-asset service providers can expand their service offering by providing tax statements for digital assets. 

A central element of our event is also to exchange with you. Your feedback and questions are very welcome and we will also allow appropriate time for discussion.

We are happy to welcome you at 08.30 for coffee and croissants and start the event at 09.00. The planned end is around 11.30am. 

Crypto Asset Reporting Framework (CARF)

Switzerland and Liechtenstein - along with around 50 other countries - plans to introduce CARF on January 1, 2026. Under CARF, crypto-asset service providers (e.g. crypto exchanges or crypto traders) will have to report tax-relevant information of their reportable clients to the local tax authority (the Swiss Federal Tax Authority or the Liechtenstein Tax Authority). The local tax authorities will forward this information to the tax authority of their client's country of tax residence, provided this country has also implemented CARF. 

In future, crypto-asset service providers must therefore document and identify their clients in accordance with the requirements of CARF and comply with the corresponding reporting obligations. The comprehensive obligations under CARF make it necessary to deal with CARF now, to analyze the future due diligence and reporting obligations and to tackle the implementation.

Markets in Crypto Assets Regulation (MiCA) and Transfer of Funds Regulation (TFR)

The MiCA aims to improve and standardize the regulation of cryptocurrencies and crypto-assets in the EU. Among other things, it includes rules for the issuance of crypto-assets, the registration of crypto-asset service providers and the protection of investors. 

The TFR is an EU regulation issued together with the MiCA that aims to combat money laundering and terrorist financing by laying down rules for the transfer of money and certain crypto-assets. The regulation requires payment service providers to collect, store and transmit certain information about the sender and recipient of transfers.

The MiCA and the TFR entered into force on June 29, 2023. Certain areas of regulation came into effect immediately in the EU, while others are subject to various transitional periods that will expire in the course of 2024. In Liechtenstein, applicability depends on the incorporation into the EEA Agreement. 

We show what MiCA and TFR mean for Swiss and Liechtenstein crypto-asset service providers.

Digital Assets tax statements

In the case of traditional securities, many banks provide their clients with a tax statement of their portfolio at the end of the year as part of their service. This tax statement typically shows the wealth tax values at the end of the year as well as taxable investment income. 

We show how financial service providers can also provide such tax statements for digital assets.  

Also, take the opportunity to discuss the new regulations and their implementation with interested representatives from technology start-ups and SMEs and the financial industry.