Switzerland’s Zug Canton Increases Tax Payment Limit With Cryptocurrency Over $1.6 Million

The Zug canton, known as the crypto haven of Switzerland, has raised the threshold for tax payments with cryptocurrency from the previous level of 100,000 Swiss francs (over $110,000) to 1.5 million Swiss francs (over $1.6 million).

The Zug canton (state), known as the crypto haven of Switzerland, has been gaining attention lately for its acceptance of cryptocurrencies Bitcoin and Ether for tax payments. According to The Block’s report, we are witnessing an even stronger positive approach towards cryptocurrencies in Zug. The canton has raised the threshold for tax payments with cryptocurrency from the previous level of 100,000 Swiss francs (over $110,000) to 1.5 million Swiss francs (over $1.6 million).

“This change is an important step towards the digital future.”
Zug Chief Financial Officer Heinz Tannler

Furthermore, Tannler announced that starting from the second half of 2023, there could be another innovation to further facilitate tax payments with cryptocurrencies. Under the new system, payments can be made directly with cryptocurrency using QR codes included in tax payment receipts.

Zug canton partners with Bitcoin Suisse for tax payments

Zug canton initially started accepting Bitcoin and Ether for tax payments in partnership with Bitcoin Suisse in February 2021.

Bitcoin Suisse is a Switzerland-based cryptocurrency and blockchain company. Founded in 2013, the company offers various services related to cryptocurrencies and blockchain technologies. They provide services such as consultancy, private blockchain solutions, tokenization, and integration of cryptocurrency payment solutions. They cater to both individual and institutional clients.

“Zug Canton is a highly significant hub for the crypto industry. With the increase in the tax payment threshold, Zug has once again proven its leadership position in the integration of cryptocurrencies.”
Dirk Klee, CEO of Bitcoin Suisse
The Finance Department of the Canton of Zug convinces its citizens to pay with crypto

Up until now, the Zug canton has processed approximately 150 tax payment transactions with cryptocurrencies, amounting to around 2 million Swiss francs (over $2.2 million). Additionally, the Finance Department of Zug Canton is making efforts to encourage residents and businesses in the canton to pay their taxes with cryptocurrencies.

In conclusion, Switzerland’s positive stance towards cryptocurrencies, coupled with the support from other municipalities, indicates significant strides towards becoming a global crypto hub.

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