Switzerland Raises BTC Tax Threshold to $1.67 Million
The local government of the Swiss canton of Zug has increased the minimum taxation that can be paid with Bitcoin and Ethereum from 100,000 CHF to 1,500,000 CHF, ($1.67 million).
The opportunity to pay taxes with virtual currencies was launched in 2021 and is enabled through a partnership with Bitcoin Suisse, which converts digital assets in CHF.
So far, the Zug government has collected roughly 2 million CHF ($2.22 million) from 150 transactions.
In November 2022, the Swiss government established a verification process for cryptocurrencies transactions of over 1000CHF ($1110).
In addition, the Swiss city of Lugano introduced a new program to make Bitcoin, Tether and the city’s LVGA token “de facto” officially accepted currencies.