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Taxes payable by cryptocurrency make Switzerland a leader in the implementation of crypto assets

Thanks to its collaboration with Bitcoin Swiss, Canton Zug announced that it will accept tax payments by Bitcoin and Ether (for both companies and private individuals) up to an amount of CHF 100.000, starting from February 2021, becoming the first Swiss canton to accept payment by cryptocurrencies.

The Canton of Zug is renowned for being a pioneer in the promotion of block chain technologies, being home to an impressive number o of companies operating in the crypto industry, and in the start-up sector more generally.

Companies and individuals will have to apply for a QR code through the tax administration In order to be able to offer tax settlement with cryptocurrencies, and in relation to the application process the Canton has already released a pilot for users to understand the requirements and fulfil their obligations well ahead of 2021 tax season.

“This is an important step for the Swiss FinTech sector” Says Michele Cecchi, FinTech expert in Capital Trustees. “as it will provide greater practical scope of application for cryptocurrencies, making clear in the eyes of consumers that the administration is willing to recognise the importance of technological advancement by regulating the introduction of new assets such as cryptocurrencies.”

SOURCE: Kanton Zug