Switzerland Won’t Change Tax Law for Blockchain | News

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The Swiss government has declined to change tax law for blockchain and distributed ledger products.

According to an official press release, the Federal Council took note of the report, prepared by the Federal Department of Finance, on the necessity of changing tax law for blockchain-related products. The report concluded that “no special legislative amendments to tax law are necessary.”

Specifically, the current legislation, according to the report, has proved its worth as regards income, profit, wealth and capital gains taxes.

The report recommends not to expand taxation on income from equity and participation tokens if Switzerland wants to position itself as a business hub for the new market.

In April, the Capital Markets and Technology Association (CMTA) of Switzerland presented new standards for the custody and management of digital assets.

In October 2018, Swiss regulator Financial Market Supervisory Authority FINMA issued guidelines for financial institutions and other fintech services regarding estimating risk coverage for cryptocurrencies at 800% of the market value.

Last year, the Central Bank of Switzerland, the Swiss National Bank (SNB), in cooperation with the Bank for International Settlements (BIS) signed an Operational Agreement on the BIS Innovation Hub Centre in Switzerland.

As a part of the agreement, the banks plan research two projects: the first one focus on the integration of digital central bank money, while the second one address the rise in requirements placed on central banks to effectively monitor fast-paced electronic markets.

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