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Zug Accepts Cryptocurrencies For Tax Payments

04 September 2020 15:00, UTC
Zug Accepts Cryptocurrencies For Tax Payments
By Anna Martynova

Citizens of the crypto-friendly Canton of Zug in Switzerland can now pay taxes using Bitcoin and Ethereum. Zug offers low corporate taxes for all companies and has been accepting payments in Bitcoin for certain government services since 2016, making it an attractive destination for crypto entrepreneurs.

Settlements of taxes using cryptocurrency will be available to both companies and individuals for up to 100,000 Swiss francs (109,670 USD). To carry out this operation, the region has partnered with Zug-based crypto broker Bitcoin Suisse AG. It will convert Bitcoin and Ethereum into Swiss francs and then transfer the amount to the government.

In 2018, Zug held the first blockchain-based municipal vote in Switzerland in the test phase and in 2019 launched a digital identity project in pilot using the technology.

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