Switzerland's 'Crypto Valley' Has Started Accepting Bitcoin, Ether for Tax Payments

Local firm Bitcoin Suisse has partnered with the canton of Zug, converting cryptocurrency tax payments into Swiss francs.

AccessTimeIconFeb 18, 2021 at 11:26 a.m. UTC
Updated Sep 14, 2021 at 12:13 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Swiss canton of Zug has started accepting tax payments in cryptocurrency.

In a previous announcement in 2020, the Swiss authorities said that, from February, citizens and companies based in Zug will be able to pay up to 100,000 CHF (around $111,300) of their taxes in either bitcoin or ether. No partial payments in cryptocurrency will be accepted.

Zug has been dubbed "Crypto Valley" over the many industry companies drawn to the jurisdiction over its friendly blockchain and crypto regulation. 

"As the home of the Crypto Valley, it is important to us to further promote and simplify the use of cryptocurrencies in everyday life," said Zug’s finance director, Heinz Tannler, when the tax initiative was announced.

Zug-based crypto broker and custodian Bitcoin Suisse has partnered with the canton, converting cryptocurrency payments into Swiss francs for the tax office.

According to the Zug Canton website, residents can request to pay taxes in cryptocurrency and will be emailed a link taking them to the crypto payment option.

Aa CoinDesk reported at the time, the city of Zug started accepting bitcoin payments for tax in 2017.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.