Swiss Canton of Zug, Taxes, and Cryptocurrencies

Crypto companies gained popularity in Switzerland thanks to its favorable regulation as well as a positive attitude toward cryptocurrencies.  The Swiss canton of Zug made an important decision. This canton earned itself the moniker of “Crypto Valley” for its positive attitude towards cryptocurrencies.

This is not the end of the story, as the canton of Zug will begin allowing citizens to pay taxes in Bitcoin and Ether. Interestingly, tax settlement by means of cryptocurrency will be available to both companies as well as individuals. The maximum amount is 100,000 Swiss francs ($109,670).

At the moment, roughly 127,000 people live in the canton of Zug. It is worth noting that, in the past, the canton took steps to accept Bitcoin payments for select government services.

Switzerland, cryptocurrencies, and new opportunities

Interestingly, this canton was able to introduce this opportunity thanks to its cooperation with a crypto broker Bitcoin Suisse AG. This crypto broker is also based in the canton.

Importantly, in the past Bitcoin Suisse worked with Swiss authorities in Zermatt to enable taxpayers in the region to use Bitcoin as a means of payments.

Bitcoin Suisse is working hard to expand its operations. For example, it recently applied for Swiss as well as European banking licenses.

Thanks to a European license, Bitcoin Suisse would be able to actively target clients on the continent. The main country of interest is Germany. Notably, this crypto broker from Zug is quite successful. Bitcoin Suisse’s revenues in 2019 reached 20.9 million francs with a profit of 2.4 million francs.

Swiss Canton of Zug once more underlined the importance of cryptocurrencies. Companies as well as individuals will be able to pay taxes in Bitcoin and Ether. Other cantons also should embrace cryptocurrencies. Switzerland has the chance to establish itself as a global leader when it comes to cryptocurrencies.