Swiss Canton of Zug Now Accepts Cryptocurrency Taxes

Zug began accepting taxes in Bitcoin (BTC) and Ethereum (ETH) in test mode, and plans to start in February 2021full launch of the service.

In a press release dated September 3, the cantonalThe tax administration said that the settlement of tax debts using cryptocurrencies will be possible through cooperation with Bitcoin Suisse. 

Citizens who want to pay taxes onusing cryptocurrency, you will need to report this to the Zug tax administration. The taxpayer will receive a QR code (via email) which they will use to pay. To protect against fluctuations due to price and exchange rate volatility, amounts will be converted into Swiss francs. 

Switzerland is called a “crypto nation”, and Zug inIt is currently considered the fastest growing technology hub in Europe. The city, home to Switzerland's crypto valley, continues to experience a boom in the technology sector.

Recent research shows that adoptioncryptocurrencies could grow by 30% over the next 10 years as more institutional investors invest in cryptocurrencies. Bitcoin and other digital assets are now easily accepted in many countries as consumer awareness of blockchain continues to grow.

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