Authorities in the Swiss canton of Zug plan to begin accepting taxes in cryptocurrency from the start of next year.

  • From next February, citizens and companies based in Zug will be able to pay up to 100,000 CHF (around $109,000) of their taxes in either bitcoin (BTC) or ether (ETH).
  • No partial payments in cryptocurrency will be accepted.
  • For the initiative, authorities have partnered with the Zug-based crypto broker and custodian Bitcoin Suisse, which will convert cryptocurrency payments into Swiss francs and hand them over to the tax office.
  • Zug is home to "Crypto Valley," a loose association of cryptocurrency companies based in the canton.
  • In a statement Thursday, Zug Finance Director Heinz Tannler said the move would help to normalize the use of cryptocurrencies in everyday life.
  • A pilot of the tax scheme is set to be trialed in the coming weeks, ahead of the planned February 2021 launch.

See also: Crypto Bank Hopeful Bitcoin Suisse Raises $48M in First-Ever Round

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