Switzerland's "Crypto Valley" Residents Can Now Pay Taxes in Crypto
The region has expanded a tax program for the capital of Zug to reach an additional 100,000 residents in the area.
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Residents of Zug province, Switzerland, can now pay their taxes in Bitcoin and Ethereum. Bitcoin Suisse will convert the crypto to Swiss francs upon payment.
Adding 100,000 Residents to Crypto Valley Tax Program
The Zug blockchain haven in Switzerland, popularly known as Crypto Valley, has passed a new law to accept state taxes in crypto, coming into effect this month. The law was announced last September.
126,000 people currently live in the province, with the town of Zug as its capital. The town itself, with 30,000 residents, rolled out a similar crypto tax program in 2016.
With its own constitution, the region has long had a favorable attitude toward cryptocurrencies, with many blockchain firms headquartered there.
Bitcoin Suisse already handles the conversion of BTC and ETH to Swiss francs for the town of Zug, transferring the amount to the local treasury, and it will now perform this role for the entire area.
Switzerland is a crypto-friendly nation where all individuals are exempt from tax on crypto profits and losses. The country is the headquarters of Libra, Facebook’s digital asset project.
Disclosure: The author held Bitcoin at the time of press.
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