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Crypto Exchanges & Regulation – Top exchanges in Switzerland by Coincub criteria
| Total population | 8,796,669 |
| GDP (in USD Millions) | 938,458 |
| Total # of universities | 103 |
| Leading blockchain universities | 15 |
| Jobs in blockchain | 440 |
| Bitcoin mining | 0.05% |
| CBDC stage | Research |
| Crypto received (in USD$) | 273.06M |
| Crypto sent | 314.73M |
| Bitcoin ATMs | 1,130 |
| Bitcoin nodes | 181 |
| Companies with bitcoin in treasury | 6 |
| Population % owning crypto | 11.5% |
| Crypto exchanges based in country | 32 |
| Bitcoin Interest | 41 |
| ICOs (Initial Coin Offerings) | 265 |
| ICOs energy | 13 |
| Fraud crypto score | 2 |
| Crypto financial services | 8/50 | |
| Web3 population adoption | 2/20 | |
| Web3 environmental impact | 3/20 | |
| Crypto trading | 3/20 | |
| Web3 talent | 4/30 | |
| Web3 proliferation | 16/30 |
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The price of bitcoin has surged back from its 2022 lows of $14k and is now steady at around $23k – despite recent setbacks – but does that mean cryptocurrency can stand alone from the banking industry? Far from it! The demise of Silicon Valley Bank rapidly followed by the implosion of Credit Suisse sent […]
Hey Coincubs! 2023 is going to be a wild ride. Just make sure you buckle up because most countries are steaming ahead with cryptocurrency regulation. Following the crash of FTX, Terraform Labs, and Celsius last year, jittery governments are belatedly jumping into action to create effective regulations that are crucial for the mainstream adoption of […]
Switzerland is very crypto-friendly. Actually, Switzerland, a country where money yodels, is something of a pioneer in the cryptocurrency space with progressive jurisdiction for initial coin offerings (ICOs) and securities token offerings (STOs), and it offers a well-developed infrastructure and a sound legal framework for companies that are active in the crypto space.
Switzerland ranked high on the Q4 ranking of 2022 for its all-around openness to crypto and technological innovation and new laws regulating crypto asset trading offer a reassuringly high level of investor security for investors. More recent steps forward include the news that BBVA Switzerland’s ‘crypto asset’ service has added ‘Ether’ to the investment portfolio, widening the scope for private banking clients and investors, making it the first mainstream bank in Europe to offer Ether, along with bitcoin, as part of its service.
Demand for crypto investment services is high in Switzerland from both individual and institutional investors, with the latter looking to expand services overseas to those countries that meet convergent regulatory requirements. Switzerland has steadily worked towards legislation that provides support to the crypto economy and this is something the most progressive crypto countries on the Coincub ranking share.
Within the amusingly named ‘Crypto Valley’ linking Switzerland and Liechtenstein, nearly 1000 crypto service companies can be found, making it a vibrant blockchain technology hub. The Swiss Distributed Ledger Technology (DLT) Act adds powerful impetus to such companies, strengthening regulatory clarity on certain aspects of crypto assets and technologies and maintaining at the same time an open-minded approach to technological innovation. Under the Act, there are recently approved rules introducing licensing for DLT trading facilities and financial market infrastructure for trading in DLT-based securities, including custodial services and settlement services.
FINMA granted licenses to two Zurich-based financial institutions, Maerki Baumann and Incore Bank, to offer digital asset services and carry out cryptocurrency trading and custody activities – which many countries still don’t allow their banks to undertake. As well as custodial services, these banks were also able to assist in initial coin offerings ICO and security token offerings. Under the Swiss Blockchain Act other financial institutions were also offered cryptocurrency licenses.
No.
Switzerland has a favorable and attractive legal framework regarding crypto assets, although it does not have a separate legal framework for them. For cryptocurrencies, the regulatory framework allowing the issuance and trading of these assets have been in place for a few years.
Where some other financial centers globally are still waiting and seeing and failing to provide strategy on regulation and adoption of crypto, the Swiss have clear guidelines and a very positive adoption of blockchain technology overall. The country’s very practical strategy towards crypto, along with its all-around strong numbers on trading volumes, numbers of bitcoin nodes, and ATMs, pushes Switzerland up in our latest ranking.
Spending crypto is becoming more accepted. A number of e-commerce organizations enable the transacting of cryptocurrencies through their apps and credit cards. Switzerland has many small outlets willing to take payment in crypto, but the biggest by far is the online shop Digitec Galaxus, which was the first major multi-product brand name to begin accepting digital currency. Smaller outlets that accept crypto range from bars, restaurants, cafés, online shops, and nightclubs.
You won’t be able to reduce your tax bill by gifting your cryptocurrency. Whatever gain you have made on it will be taxable up to the point at which you gift it. Whether you are liable for tax depends on your status as either an individual or business trader.
Although cryptocurrency is not recognized as legal tender – the same as in most countries – it is recognized and accepted by the Swiss government. One Swiss canton, Zug, will be the first in Switzerland to begin accepting bitcoin for tax payments. Swiss crypto exchanges are on par with other financial institutions requiring the same levels of compliance with local AML/CTF and consumer protection obligations.
The Swiss Federal Department of Finance (FDF) has been reviewing tax law in relation to cryptocurrency. It published a report stating a likely need to have some specific legislation in place to take account of the advances in blockchain technology that would have a bearing on income tax, wealth tax, and VAT.
Switzerland is open to crypto and trading. Gaining interest or lending for gain on a professional basis is subject to income tax. The Swiss Federal Tax Administration (SFTA) considers cryptocurrencies to be assets: they are subject to Swiss wealth, income, and capital gains taxes and must be declared on annual tax returns. Determining whether your gains from buying and selling are of a private nature (and not subject to income tax) or of a business or professional nature (in which case it is taxable as income) needs to be sorted out with expert advice. So does the exact classification of the digital assets being bought and sold. Crypto is also considered an asset and, therefore, subject to wealth taxes. The value of the asset holding must be declared at the end of the year. However, the rules for declaring crypto may vary across the country and need to be checked with local advisors.
In Switzerland, crypto assets and certain capital gains must be correctly declared. How they are taxed will depend exactly on the nature of the crypto and the individual’s own status as a private or professional investor and thus part of an individual’s private or business wealth.
If you are a long-term resident of Switzerland, you are probably deemed a permanent resident for tax purposes, if not for visa purposes. If you are not a permanent resident and your holdings are outside of Switzerland, your situation will require specialist advice.
Mining cryptocurrency is perfectly legal and subject to no specific laws or regulations. Gains derived from it will be taxed in the normal way as income with allowable expenses. Additionally, mining for crypto does not qualify as a financial service.
Most retirement and pension funds worldwide deem cryptocurrencies to be too volatile to become part of long-term retirement schemes. Some forms of cryptocurrency may well increase the yield of a pension fund portfolio but will carry higher risk and higher fees as a result. Whether organizations will be able to add crypto to an individual’s retirement planning depends very much on the classification of the crypto asset to be used. There is little certainty on this at present. Switzerland’s parliament recently passed the Blockchain Act, further defining the legalities of exchanging crypto and running Swiss crypto exchanges. The law requires compliance with local ICO, AML, and CTF requirements as soon as a token can be transferred to the blockchain infrastructure.
Switzerland’s central bank has trialed a form of digital money to settle large-scale transactions between financial institutions. There are no concrete plans to issue a digital currency. The experiment, known as Project Helvetia, was run by the Swiss National Bank (SNB) with Swiss bourse operator SIX and the Bank for International Settlements (BIS). In early 2021, SEBA, a FINMA-licensed Swiss Bank, began bridging digital and traditional assets. Customers are able to benefit from services, including investment solutions, custody, and trading.
UBS and Credit Suisse are part of a consortium behind a digital payment token project to settle trades faster. Private banks such as Maerki Baumann and Arab Bank Switzerland offer cryptocurrency services to wealthy clients.
The concepts of decentralized finance and blockchain technology are linked to cryptocurrency’s rapid interest and growth. The Bank of Switzerland (BoJ) recognizes that there could be some positive aspects to the adoption of Defi, but there are no legislative plans at this point.
Want to find out how Switzerland compares to other countries in terms of their crypto-friendliness? Read here about the crypto economies in Germany, Portugal, USA, and China or read Coincub’s latest Global Crypto Ranking.
Banks in Switzerland are regulated and offer a lot of crypto services, but if you want a crypto exchange, why not check these ones
| NAME | RATING | FOUNDED DATE | DEPOSIT METHOD | BASED IN | REVIEW | SIGN UP | ||
|---|---|---|---|---|---|---|---|---|
| #1 |
|
Crypto.com | 4.6 | 2016 | Credit Card Bank Transfer | Singapore | Coincub Review | Register Now |
| #2 |
|
OKX | 4.25 | 2017 | Bank card P2P third-parties crypto | Seychelles | Coincub Review | Register Now |
Crypto.com
4.6
OKX
4.25
Improved security for your crypto assets inevitably means increased legislation and regulation. Switzerland is embracing crypto trading, and all of the major exchanges and wallets are available. While security against hacking and fraud is improving all the time, it always pays to do your own research. Find out which exchanges carry insurance, and what their record is against security failure.
Switzerland has a clear registration process for Swiss crypto exchanges. Exchanges need to be licensed by the Swiss Financial Market Supervisory Authority (FINMA) in order to operate. Swiss-based exchanges are regulated and you’ll have to provide ID to any exchange you are considering. Remember, your crypto dealings must be declared at year-end.
Crypto and bitcoin tax rates in Switzerland
| Level (in CHF) | Property Tax Rate |
| 0 – 77.000 | 0 % |
| 77.000 – 308.000 | 0.05 % |
| 308.000 – 694.000 | 0.1 % |
| 694.000 – 1.310.000 | 0.15 % |
| 1.310.000 – 2.235.000 | 0.20 % |
| 2.235.000 – 3.158.000 | 0.25 % |
| from 3.158.000 | 0.3 % |
| Level (in CHF) | Income Tax Rate (Zurich) |
| 0 – 6.700 | 0% |
| 6.700 – 11.400 | 2% |
| 11.400 – 16.100 | 3% |
| 16.100 – 23.700 | 4% |
| 23.700 – 33.300 | 5% |
| 33.300 – 43.700 | 6% |
| 43.700 – 56.100 | 7% |
| 56.100 – 73.000 | 8% |
| 73.000 – 105.500 | 9% |
| 105.500 – 137.700 | 10% |
| 137.700 – 188.700 | 11% |
| 188.700 – 254.900 | 12% |
| from 254,900 | 13% |
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