Canton Zug has always been a pioneer in the blockchain space, and it is not in vain that the heart of the Crypto Valley is located. From 2021, Zug will be the first Swiss canton to offer the option of paying tax debts in cryptocurrency.
An important step in adapting cryptocurrencies as a means of payment: yet More and more companies accept digital currenciesCanton Zug follows suit as a state institution and leaves bitcoin And the ether to pay taxes.
Tax payments with Bitcoin and Ether up to CHF 100,000
The ability to control using bitcoin or ether to settle According to the cantonal press releaseBoth companies and individuals are awarded up to a claim amount of CHF 100,000. Partial payments are not accepted. A trial run will be conducted in the coming weeks to test the necessary operations.
If taxpayers decide to settle their bills with BItcoin or Ether, they can notify the tax authorities. Then you will receive the necessary QR code, which is usually sent by e-mail.
“As the home of Crypto Valley, it is important for us to further enhance and simplify the use of cryptocurrencies in everyday life. By being able to pay off tax debts in bitcoin or ether
We are taking a big step in this direction.” – Chief Financial Officer Heinz Tanler
Larger fluctuations in the cryptocurrency exchange rate do not affect payments made to the tax authorities, because they are obtained in Swiss francs. Tax settlement with cryptocurrencies is made possible by Bitcoin Suisse’s crypto payments solution.
History of Crypto Valley
Zug’s first cryptocurrency company, Bitcoin Suisse AG, was founded in 2013 and laid the foundation for the creation of Crypto Valley. Less than a year later, the Ethereum Training institution as its headquarters. This decision had a kind of drag effect and more and more crypto projects settled in the Swiss canton. In this way experience can be gained early and organizational security offered; The Venma Already dealt with digital currencies like 2015 bitcoin.
Zug has gradually evolved into a website for bitcoin-related businesses. Blockchain and cryptocurrencies. after founding Crypto Valley Association And the crypto boom in 2017/18, that evolution continued rapidly. Co-working spaces were created under supervision CV Labs They are founded, associations are created to support blockchain startups and brand new projects are brought to life. There are currently more than 800 companies with more than 4,000 employees in Crypto Valley.
Crypto adoption in Zug
In 2016, the Zug City Council decided that they would be the first international public authority to accept bitcoins as a method of payment. At that time, the amount was still limited to 200 francs, but they were sending a strong signal. Over the years, they have continued to expand their crypto offerings carried out a year ago Cantonal Commercial Registry Office Zug Blockchain Solution”inapay“.
This spring, in the midst of the Corona crisis, Crypto Valley underwent another test. Especially startups He had to deal with a difficult situation Many companies were in danger of bankruptcy. But here too, the canton of Zug caught up with the crypto scene and in May 2020 The board decidedto help startups.