Switzerland is a developed country which is famous for its banking system. However, the country has the opportunity to become a leader in the crypto industry as well.
Interestingly, crypto companies gained popularity in the country thanks to its favorable regulation and a positive attitude toward cryptocurrencies. Moreover, one Swiss canton to take additional steps when it comes to embracing cryptocurrencies.
People should take into account that, canton of Zug earned itself the moniker of “Crypto Valley”. This fact underlines the importance of cryptocurrencies for this canton.
Interestingly, the Swiss canton will begin allowing citizens to pay taxes in Bitcoin and Ether. Notably, tax settlement by means of cryptocurrency will be available to both companies and individuals. People should take into account that, the maximum amount is 100,000 Swiss francs ($109,670).
Crypto company and European market
Let’s get back to this canton. At the moment, roughly 127,000 people live in Zug. As a reminder, in the past, Zug took steps to accept Bitcoin payments for select government services.
Notably, worked with crypto broker Bitcoin Suisse AG to accomplish this task. Interestingly, Bitcoin Suisse is based in the canton.
In the past, it also worked with Swiss authorities in Zermatt to enable taxpayers in the region to use Bitcoin as a means of payment.
This crypto broker from Zug is working hard to expand its services. It recently applied for Swiss as well as European banking licenses.
As a result, it would be able to actively target clients on the continent. The main country of interest for Bitcoin Suisse is Germany.
Bitcoin Suisse’s revenues in 2019 reached 20.9 million francs with a profit of 2.4 million francs.
As stated above, companies as well as individuals will be able to pay taxes in Bitcoin and Ether. Moreover, other cantons also should embrace cryptocurrencies. Also, authorities in neighboring countries should pay more attention to such projects
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