Crypto and Switzerland

[adamcro]

As we all know Switzerland is well known for its banking system. I watched Wolf Of Wall Street, well you know how protected Belfort was in Switzerland. I'm wondering is Switzerland opened to crypto currency. Do they allow to save your money earned and cashed out via different crypto exchange websites

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[Jating]

As we all know Switzerland is well known for its banking system. I watched Wolf Of Wall Street, well you know how protected Belfort was in Switzerland. I'm wondering is Switzerland opened to crypto currency. Do they allow to save your money earned and cashed out via different crypto exchange websites

As far as I know Switzerland is already bitcoin friendly. They even have a bitcoin bank approved,

https://www.cnbc.com/2017/07/12/switzerlands-legendary-banking-system-gave-bitcoin-vote-of-confidence.html

And they even allowed there residence to pay taxes in bitcoin,

https://news.bitcoin.com/chiasso-switzerland-to-allow-citizens-to-pay-taxes-in-bitcoin/

So to answer your question, Yes, Switzerland is very much open to crypto currency specially bitcoin.

[adamcro]

Well this is very good news

[countryfree]

Switzerland has changed a lot. Their banks aren't what they used to be. They've joined the AEOI club, sharing all your financial data with tax services of more than 100 countries. And my bank account which was free, now requires a 25 CHF monthly fee because of my foreign residence.

[ALT67890]

Having the same thoughts that Switzerland will banned cryptocurrency because of its best well known for being one of the leading banking capital in the world. That’s why I’ve asked for any information to it, as Op have done. Sometimes it is shocking how the government response to what is new technology and sometimes expectations are not accurate. Every country makes different approach toward bitcoin because of self interest, that Swiss shows that has none or might also be playing along as off shore accounts has getting controversial this past years.

[adamcro]

Having the same thoughts that Switzerland will banned cryptocurrency because of its best well known for being one of the leading banking capital in the world. That’s why I’ve asked for any information to it, as Op have done. Sometimes it is shocking how the government response to what is new technology and sometimes expectations are not accurate. Every country makes different approach toward bitcoin because of self interest, that Swiss shows that has none or might also be playing along as off shore accounts has getting controversial this past years.

Maybe because they are one of the best baking countries in the world they want to be pioneer in this crypto banking, you never know what might happen

[sindikat]

Switzerland has always been a safe haven for all who kept in Swiss banks their capital. After Switzerland stopped to keep the banking secrecy and for any requirement to provide information about the assets of people suspected of any crime, she lost confidence. Possible with the help of bitcoin Switzerland is trying to regain the status of a country for the safe storage of capital.

[Samarkand]

New Bitcoin derivatives / futures by Vontobel and Leonteq Securities:
https://cointelegraph.com/news/vontobel-and-leonteq-securities-launch-bitcoin-futures

Switzerland-based companies Vontobel and Leonteq Securities AG are launching separate futures products that will allow customers to bet against the price of the leading cryptocurrency Bitcoin.

Vontobel has offered a few Bitcoin related certificates for a few weeks already. However, you should really look into
the tax situation in your country before purchasing a product like this. If I buy a Vontobel certificate in my country I have to
pay capital gains tax on any profits. If I instead buy BTC directly at the exchange of my choice any profits are completely tax-free after
a speculative period of one year. Therefore it doesn´t really make sense for me to buy one of these derivative contracts.

Nonetheless, these are big news for institutional investors that want to track the BTC price, but don´t want the hassle
and the security risk of storing their coins themselves.

[strocifer]

Living in Geneva, I don't know any merchant or service proposing BTC as a payment method.
But you can trade on whatever crypto you want, plus your profit are not taxed (capital gains aren't taxed here).

[SoniaBlack]

I have a friend who lives in swiss, I can ask him if you want to ?

[bribed]

As far as I know Switzerland is a very crypto-friendly country, but there are still taxation laws that will need you to pay taxes on you crypto earnings. So it is advisable there too, as for every other country,  to always keep track of the trades you make in case you one day will need them for the authorities.

[adamcro]

I have a friend who lives in swiss, I can ask him if you want to ?

Well if you can I would be very grateful

[Kingofbitcoin12345]

Opportunity in cryptocurrency is what makes every nations doubtful to declare it without giving it a try.. Those who misjudged the bitcoin phenomenon as nothing but a speculative mindset of everyone is wrong because in the first place to make this work out the that think it would be,, they depend on the experts of financial /economics that has no knowledge,,or have experienced this kind of investments.. They do rely on assumptions that is not what bitcoin is..

[strocifer]

The country is quite dynamic on crytpocurrencies.
The area around Zug is now called the crypto valley, plenty of blockchain-related start ups are settling there.
Not sure the earnings on crytpo are taxed as it was mentioned above. Earnings on stocks or fx are not taxed here except if it's your main activity. Should be the same for cryptos

[veleten]

Switzerland has changed a lot. Their banks aren't what they used to be. They've joined the AEOI club, sharing all your financial data with tax services of more than 100 countries. And my bank account which was free, now requires a 25 CHF monthly fee because of my foreign residence.

this is true-Switzerland had to cave in
now the saying "safe as a swiss bank" is no longer valid
before you could be a criminal,a terrorist or whatever but your data and your money would have never been disclosed to anyone
if you kept them in a swiss bank,it has all changed not so long ago http://money.cnn.com/2015/03/19/news/switzerland-tax-evasion/index.html
https://www.swissinfo.ch/eng/tax-evasion_swiss-say-goodbye-to-banking-secrecy-/42799134

[The Sceptical Chymist]

Wolf of Wall Street:  Fantastic movie!  That scene where L.D. tries to crawl into his car at the country club cracks me up just thinking about it.

But it was a movie and was also set in the 80s & 90s if I'm not mistaken, and I believe Switzerland has changed some of their famous banking privacy laws since then.  They probably still have the most relaxed set of policies in the world (aside from little islands like the Caymans), but the IRS has gotten them to cooperate in prosecuting tax dodgers.  And that's all if I'm interpreting what I've read and remembered in the past 10 years.  That dude would never get away with stashing money offshore these days.  Remember, the computer networks back then were nowhere near as developed as they are today.

Can't you buy bars of gold at Swiss banks?  That's something I'd freakin' love to see in the states.

[roddy5]

As we all know Switzerland is well known for its banking system. I watched Wolf Of Wall Street, well you know how protected Belfort was in Switzerland. I'm wondering is Switzerland opened to crypto currency. Do they allow to save your money earned and cashed out via different crypto exchange websites

Switzerland primary source of income is the banking industry and when they see that a new currency is being developed like Bitcoin of course they are going to adapt to it. Most probably they are already studying on how to incorporate crypto currency to a  fiat banking system.

[Coffee135]

Living in Geneva, I don't know any merchant or service proposing BTC as a payment method.
But you can trade on whatever crypto you want, plus your profit are not taxed (capital gains aren't taxed here).

I heard that in Switzerland there is a possibility to pay utility bills in bitcoins. Maybe not in all cities. I don't know. The fact that capital gains are not taxable is correct. When people Deposit their funds in banks they lend to the economy. It brings more benefits than the taxes that are inefficiently spent. Or keeping the money at home in the stash.

[strocifer]

Living in Geneva, I don't know any merchant or service proposing BTC as a payment method.
But you can trade on whatever crypto you want, plus your profit are not taxed (capital gains aren't taxed here).

I heard that in Switzerland there is a possibility to pay utility bills in bitcoins. Maybe not in all cities. I don't know. The fact that capital gains are not taxable is correct. When people Deposit their funds in banks they lend to the economy. It brings more benefits than the taxes that are inefficiently spent. Or keeping the money at home in the stash.

Indeed! I learnt today that you can buy you swiss train tickets with bitcoin.

[coat47]

Swiss said goobye to banking secrecy. 
Now, I think that Switzerland is looking for another way to attract people and to stand out.
Zoug want to become the "Crypto Valley" attracting companies that launch their ico, the new rich and some investors. They have jurists etc to help the companies. There is a reason why Tezos has created their foundation in Switzerland.
It is an open question whether the other countries would be very much in favour of that or will political pressure broke them down.. After all, the Americans managed to take away their banking secrecy.