Cryptocurrencies: Legal, accepted as payment in some contexts Cryptocurrency exchanges: Legal, regulated by SFTA
In Switzerland cryptocurrencies and exchanges are legal, and the country has adopted a remarkably progressive stance towards cryptocurrency regulations. The Swiss Federal Tax Administration (SFTA) considers cryptocurrencies to be assets: they are subject to the Swiss wealth tax and must be declared on annual tax returns.
Switzerland imposes a registration process on cryptocurrency exchanges – which must obtain a license from the Swiss Financial Market Supervisory Authority (FINMA) in order to operate. Cryptocurrency regulations in Switzerland are also in place for ICOs: in February 2018, FINMA published a set of guidelines which applied existing financial legislation to offerings across a range of areas – from banking to securities trading and collective investment schemes (depending on structure).
Japan remains a friendly environment for cryptocurrencies, but growing AML concerns are drawing the FSA’s attention to further regulatory steps. Following talks between exchanges and the FSA, an agreement to form a self-regulatory body – the Japanese Virtual Currency Exchange Association (JVCEA) – was put in place. The JVCEA will provide advice to as-yet unlicensed exchanges and promote regulatory compliance.
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