Switzerland, bitcoin, cryptocurrencies and blockchains | Paying your taxes in bitcoin
Switzerland is one of the few countries to have approved complete regulations on cryptocurrencies and blockchain since september 2020.
In the canton of Zug in Switzerland it will be possible to pay taxes in bitcoin or ethereum thanks to the support of the bitcoin swiss bank which will in fact convert the cryptocurrencies necessary to pay taxes in swiss francs.
The mechanism as it emerges from the official website of the canton of zug will involve scanning a QR code in order to withdraw the requested sum from one's wallet.
There is currently a limit on payments of one hundred thousand swiss francs.
The beneficiaries of this new mechanism are both natural and legal persons the payment fees provided in order to offset the cost of the exchange between btc and eth and swiss francs amount to one percent charged in chf.
The involvement of bitcoin swiss will in fact allow the canton of Zug to protect itself from the volatility of cryptocurrency since the bank will take on the risk deriving from volatility and exchange rates.
While the canton of Zug will receive exactly the taxes invoiced in swiss francs.
This proves that switzerland is a real hub where cryptocurrencies are accepted and encouraged.
Added to this is the fact that the canton of zug has been nicknamed crypto valley and the whole country is aiming to earn the title of crypto nation.
In order to develop the cryptographic ecosystem in the country an attempt was made to attract the main cryptocurrency startups ensuring them support in all operations by the swiss government.
The extensive development of public and private initiatives combined with the supportive attitude of the government creates an ideal climate for startups.
For this reason it is not surprising that many of the largest ICOs in the world were held in Switzerland making it a leader in the global cryptocurrency market.
Its pro cryptocurrency stance indeed.
An important factor is that the same traditional offshore corporate entities can be used in conjunction with ICOs.
This helps protect startup founders from being held accountable for the outcome of the ICO.
The ICO legal structures available under swiss law are numerous.
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