Crypto Valley to Accept Taxes in Bitcoin and Ethereum Grabowska
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Sept. 3, 2020
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The canton of Zug, Switzerland, also known as the crypto valley, will start accepting taxes via cryptocurrencies bitcoin (EXANTE: Bitcoin) and ethereum (EXANTE: Ethereum) starting from February 2021.

According to an official announcement, Bitcoin Suisse, a pioneer in the Swiss Crypto Valley, is the main provider of the digitization.

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Thus, the Zug will become the first Swiss canton in which taxes can be paid with cryptocurrencies.

Finance Director Heinz Tännler says it is important for the valley "to further promote and simplify the use of cryptocurrencies in everyday life."

"By enabling the payment of taxes with bitcoin or ether, we are taking a big step in this direction," Tännler said.

Tax settlement paid in crypto will be available up to an amount of CHF 100,000 ($109,877). Partial payments will not be accepted Bitcoin Suisse added.

Earlier, iHodl reported that Sygnum, a Switzerland-based cryptocurrency bank, received an approval from the Swiss Financial Market Supervisory Authority (FINMA) for its digital asset trading facility.

Zug Authorities Against Saving Crypto Valley

The bank says its trading facility offers investors’ access to new investment opportunities, including instant settlement, the ability to move between fiat, digital CHF (DCHF) and asset token positions in real-time, and the security of bank-grade custody.

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