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Home Latest News Policy and regulation Switzerland’s "Crypto Valley" Has Started Accepting Bitcoin, Ether for Tax Payments

Switzerland’s “Crypto Valley” Has Started Accepting Bitcoin, Ether for Tax Payments

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

In 2020, the Swiss authorities stated 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 (BTC) or ether (ETH). No partial payments in cryptocurrency will be accepted.

According to CoinDesk, Zug has been dubbed “Crypto Valley” over the many industry companies drawn to the jurisdiction over its friendly blockchain and crypto regulation.

Zug’s finance director, Heinz Tannler stated:

“As the home of the Crypto Valley, it is important to us to further promote and simplify the use of cryptocurrencies in everyday life.”

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

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

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

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SourceCoinDesk

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