Switzerland’s Federal Council has approved a bill to enable automatic exchange of crypto asset information with 74 partner countries. The bill, announced on 6 June, is expected to come into effect in January 2026, with the first data exchanges likely to begin in 2027.
The move aims to improve tax transparency and crack down on cross-border tax evasion. Countries set to receive Switzerland’s crypto data include all EU member states, the United Kingdom, and most G20 nations.
However, the United States, China, and Saudi Arabia are notably excluded from the list, as confirmed by the Swiss Federal Government’s official X account.
Only countries that agree to exchange similar crypto asset data with Switzerland and comply with the OECD’s Crypto-Asset Reporting Framework (CARF) will be included.
The framework requires service providers such as exchanges and wallets to collect users’ tax identification details and report relevant crypto transactions annually. Before the data-sharing begins, Swiss authorities will also verify that all partner states meet CARF standards.
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The public fallout between Donald Trump and Elon Musk has triggered a surge in memecoin activity, with trading volumes soaring to over $355 million in the past 24 hours. The top five memecoins linked to the feud accounted for 64% of the $556 million total daily volume, according to data from DEX Screener.
‘Official Trump’ led the pack, generating around $228 million in trading volume and reclaiming a $2 billion market cap. Other popular tokens included ‘Kill Big Beautiful Bill’ with nearly $131 million traded, ‘President Vs Elon’ with about $30 million, and ‘Official Musk’ at $22 million.
A newly launched memecoin, ‘new political party,’ also attracted close to $10 million on its first day.
The spike followed a sharp social media exchange where Trump threatened to end Musk’s government subsidies, and Musk fired back with allegations and calls for political change. The dispute has introduced fresh volatility to the memecoin market, with traders closely watching social platforms for further developments.
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Deutsche Bank is deepening its involvement in digital assets, with plans under review to issue its own stablecoin or join an industry-wide initiative. The bank is evaluating tokenised deposits to help modernise payments, said Sabih Behzad.
Stablecoins and tokenised deposits are becoming more attractive as banks search for faster and more cost-efficient payment methods. Regulatory progress in the EU and US is boosting banks’ confidence to enter the space.
Banco Santander and JPMorgan are also expanding their digital payment efforts, signalling growing momentum in the sector.
Deutsche Bank has already taken several steps in the crypto space. The bank invested in Partior, partnered with Taurus for custody services, and joined Project Agorá to explore cross-border tokenisation.
Market forecasts point to rapid growth. Citigroup expects the stablecoin market to rise from nearly $240 billion today to more than $2 trillion by 2030, fuelled by regulatory clarity and rising adoption by both private and public sectors.
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Dogecoin has taken a sharp bearish turn, with analysts warning of a potential 66% drop in value following a public clash between Elon Musk and US President Donald Trump.
The cryptocurrency, which has often rallied on Musk’s endorsements, is now facing its third consecutive weekly decline. DOGE is currently trading at $0.17, with bearish technical patterns pointing toward a possible slide to $0.06.
Trump has since threatened to end Musk’s federal contracts and subsidies, prompting the billionaire to respond on X (formerly Twitter) with fierce criticism, including calls for impeachment and mockery of Trump’s budget bill. The fallout has rattled crypto markets, where Musk’s influence is particularly strong.
Historically, Dogecoin has surged on Musk’s backing—from Tesla’s acceptance of DOGE for merchandise in 2022 to Twitter’s temporary rebranding with the memecoin’s logo in 2023.
It also rallied following Trump’s 2024 election win, which Musk vocally supported. The current breakdown in their alliance, however, appears to have reversed that trend.
Technically, DOGE has broken below key support levels, forming a bear flag pattern that analysts say could trigger a further decline to $0.06.
Indicators like the RSI have also turned negative, suggesting continued selling pressure in the short term as traders digest the political drama and shifting market sentiment.
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Kraken has raised concerns over the lack of basic security awareness among crypto users attending industry events. Kraken’s security team observed unlocked devices, unattended phones, and careless talk of personal wealth at conferences, exposing attendees to potential exploitation.
Head of Security Nick Percoco warned that these behaviours compromise individual assets and the safety of entire projects.
Percoco highlighted how scammers easily blend in by posing as legitimate attendees. Tactics include juice jacking, compromised Wi-Fi networks, and malicious QR codes.
He advised using burner wallets with minimal funds during conferences, locking all devices, and avoiding unsecured public connections.
There has also been a rise in offline threats targeting crypto holders. Kraken observed attendees casually discussing trades while wearing conference badges with full names and company details.
With reports of kidnappings and in-person crypto thefts increasing globally, experts say discretion and strong operational security are more crucial than ever.
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Bo Hines, head of Donald Trump’s advisory council on digital assets, recently met with El Salvador’s President Nayib Bukele to explore joint opportunities in the crypto sector. Their meeting focused on digital asset growth and plans to reshape global finance.
El Salvador’s Bitcoin Office confirmed talks on Bitcoin and wider digital asset collaboration between the two nations. The visit comes shortly after Bukele’s White House meeting with Trump, which focused on regional security rather than crypto.
However, Hines’ presence in El Salvador has reignited attention on Trump’s crypto strategy.
Trump’s administration previously announced plans for a Strategic Bitcoin Reserve, which would be built using funds from criminal seizures and other cost-neutral sources.
While no official US Bitcoin purchases have occurred, Hines’ visit may signal early steps toward adopting elements of El Salvador’s model.
El Salvador, which made Bitcoin legal tender in 2021, continues to push for digital literacy. Its government has launched education programmes on Bitcoin, artificial intelligence, and ethics, aiming to develop a new generation of tech-savvy leaders.
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Romania’s national postal service has taken a digital leap by installing its first Bitcoin ATM in Tulcea. The move is part of a wider effort to modernise Poșta Română and bring cryptocurrency services to less connected regions.
The initiative was launched in collaboration with Bitcoin Romania, one of the country’s leading crypto exchanges.
Additional Bitcoin ATMs are scheduled for deployment in Alexandria, Piatra Neamț, Botoșani, and Nădlac. Placing ATMs in post offices signals a shift in public attitudes, as institutions embrace modern financial tools in everyday settings.
The goal is to boost accessibility while embracing a broader digital transformation.
Although the number of Bitcoin users continues to rise, global adoption remains low. A recent River report found that just 4% of the global population owns Bitcoin, with 14% of users based in the United States.
Despite this, Bitcoin’s market cap—currently just over $2 trillion—remains a fraction of its estimated potential.
Researchers believe Bitcoin could one day capture up to 50% of the global store-of-value market, which is valued at around $225 trillion. With adoption still lagging, analysts argue that Bitcoin has significant room for future growth.
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New SEC Chairman Paul Atkins has committed to creating a clear regulatory framework for the crypto sector. He aims to replace ambiguity with investor protection and support for innovation.
Speaking before the Senate Appropriations Subcommittee on 3 June, he said outdated and unclear rules have held the industry back.
Atkins stressed that his approach would end the former administration’s ‘regulation-by-enforcement’ model. He plans to use structured rulemaking, with notice-and-comment procedures guiding the creation of clear, tailored regulations for the crypto market.
He also reaffirmed support for the recently launched Crypto Task Force. Atkins praised the leadership of Commissioners Uyeda and Hester Peirce, often referred to as ‘crypto mom’, adding that the SEC’s divisions would act swiftly to provide regulatory certainty.
Appointed under the Trump administration’s crypto-friendly agenda, Atkins’ policy direction signals a significant shift. It embraces digital asset innovation while ensuring strong investor safeguards.
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Bitcoin exchange-traded funds in the United States faced $278 million in outflows on 5 June, reversing gains made earlier in the week. The shift followed a public feud between Donald Trump and Elon Musk, sparking wider uncertainty across markets.
The Cryptocurrency Fear & Greed Index dropped to ‘Fear’ on 6 June, as both Tesla and Trump Media shares also fell sharply.
The recent ETF downturn added to previous losses totalling $1.2 billion between 29 May and 2 June. Among the hardest hit was ARK 21Shares Bitcoin ETF, which recorded $102 million in outflows. No Bitcoin ETFs saw any inflows that day, highlighting investor caution.
In contrast, Ether ETFs continued their positive run with $11.3 million in inflows on 5 June, extending a 14-day streak. Although inflows were lower than earlier in the week, interest in Ether remains strong, supported by network upgrades and robust ETH futures activity.
Institutional interest also persists, with BlackRock acquiring $50 million worth of Ether on 3 June. Meanwhile, global Bitcoin ETPs saw net outflows of $8 million over the past week, suggesting that Bitcoin is facing a temporary setback while Ether enjoys relative strength.
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Moroccan police arrested 24-year-old dual French-Moroccan Bajjou Badiss Mohamed AmiDe, wanted for kidnappings of cryptocurrency holders in France. An Interpol red notice issued by French authorities led to his identification and arrest.
Charges include organised crime, kidnapping, and extortion. Due to his dual nationality, he will face trial in Morocco, with French prosecutors sharing the case files.
The arrest follows a recent surge in violent attacks on crypto entrepreneurs in France. Interior Minister Bruno Retailleau has introduced emergency security measures, including private consultations and home risk assessments for those at risk.
France has seen 14 of the world’s 50 known attacks on crypto figures over the past year, according to Ledger co-founder Éric Larchevêque.
High-profile incidents include the attempted abduction of Paymium CEO Pierre Noizat’s daughter and the arrest of seven suspects linked to a victim found with a severed finger. Officials stress the urgency of judicial action to prevent further violence.
French authorities have thanked Morocco for its cooperation, while proceedings against Bajjou will continue under Moroccan jurisdiction.
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