How Bitcoin Companies can Legally Operate in Switzerland
Switzerland is often thought of as a Bitcoin-friendly country. The Canton of Zug, for example, is sometimes called the crypto capital of the world and many Bitcoin service startups are located there, including Xapo, Shapeshift, Ethereum, Monetas, and Bitcoin Suisse. Companies wanting to do business in Switzerland need an approval by the Swiss Financial....
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Bitcoin users do not have to pay value added tax (VAT) on bitcoin in Switzerland. The Swiss Tax Administration (ESTV) has announced there will be no VAT on bitcoin transactions, according to Bitcoin Association Switzerland. The news brings hope not only to bitcoin users in Switzerland, but worldwide. Switzerland has a global reputation for financial security. Bitcoin supporters want governments to view bitcoin as a method of payment, not as a delivery of goods or a service subject to a VAT. Bitcoin supporters have noted that it will be difficult for bitcoin to become an accepted currency....
Xapo, the Bitcoin wallet service provider has received Swiss FINMA's conditional approval to operate from the country. Xapo is back in the news again. The leading Bitcoin wallet service at one time has received conditional approval from the Swiss Financial Market Supervisory Authority (FINMA) to operate in the country. The receipt of approval was announced by Xapo’s CEO Wences Casares in his recent blog post. According to Cesares, his company has been negotiating with the Swiss authorities for over two years to be recognized as a financial intermediary. He was quoted in the blog post....
The Swiss Federal Tax Administration (ESTV) has a great announcement for the cryptocurrency community. Recognizing that Bitcoin is a currency used to purchase items, the administration has decided that no VAT will be applied to Bitcoin in Switzerland. "This is excellent news!" CEO of Bitcoin Suisse AG, Niklas Nikolajsen said, "This is excellent news for Bitcoin in Switzerland as it provides the legal certainty we need to professionally operate our business." Luzius Meisser, President of Bitcoin Association Switzerland, states: "This is the most reasonable way to classify Bitcoins in the....
Switzerland's bitcoin community has spoken out following confirmation that bitcoin is exempt from Value Added Tax (VAT) in the country. Bitcoin had always been exempt from VAT in the country, Luzius Meisser, president at Bitcoin Association Switzerland, told CoinDesk, adding that the Swiss Federal Tax Administration (FTA) had clarified the situation following a formal question submitted by his group in February last year. When asked about the implications for bitcoin business in Switzerland, Meisser said: "This has direct implications for all bitcoin companies with Swiss customers. They....
BitStamp has become the first bitcoin company to receive a national financial services license. Internationally renowned Bitcoin exchange BitStamp today announced that it has become a fully-regulated payment institution in Luxembourg. The Slovenia-based bitcoin exchange confirmed being the world’s first-ever digital currency firm to have obtained a national license, thereby enabling people to legally trade Bitcoin against the fiat currencies across all the 28 European countries. It became possible due to a treat program between the European nations, which allows finance service providers....