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Swiss Canton Takes Taxes in Bitcoin as Crypto Gains Traction

  • State collaborates with Zug-based firm Bitcoin Suisse
  • Broker sees big banks offering crypto trading after 2020 rally
Updated on

Switzerland’s canton of Zug, home to hedge funds, crypto firms and commodity traders, will start allowing citizens to pay taxes in Bitcoin and Ether as the acceptance of digital currencies continues to rise.

“Tax settlement by means of crypto currency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs ($109,670),” the canton said in a statement on Thursday. The region of about 127,000 people is collaborating with Zug-based broker Bitcoin Suisse AG, which converts the digital currency into francs and transfers the amount to the state.