Crypto taxes in Switzerland are the application of existing wealth, income and profit tax rules to cryptocurrencies and tokens. No separate crypto tax law exists; DBG and StHG form the legal basis. The practice of the Swiss Federal Tax Administration governs, while wealth tax remains a cantonal matter.
The working paper of the Swiss Federal Tax Administration (ESTV) of 14 December 2021 sets out this practice. It replaced a first version from 2019. The paper transfers the token categories of the 2018 FINMA ICO guidelines into tax law. These are payment tokens, asset tokens and utility tokens. Additionally, the Swiss Tax Conference (SSK) and the ESTV published the dossier "Cryptocurrency" in October 2023. It describes the practice on individual questions. The ESTV also maintains an overview page on the taxation of cryptocurrencies. Because no special law exists, the classification of the individual transaction determines which tax applies.
How the token category determines the tax consequence
Classification comes first. The Swiss Federal Tax Administration distinguishes payment tokens, asset tokens and utility tokens by their civil law structure. Thus the tax treatment follows from the classification. Payment tokens count as movable capital assets. They therefore fall under the wealth tax pursuant to Article 13 para. 1 StHG. The cantons govern this tax. Taxpayers declare their holdings at market value at the end of the tax period. They record it in the register of securities and assets.
For the valuation as at 31 December, the ESTV publishes official tax values in its price list. That list covers the twenty best-known cryptocurrencies. However, if a token is missing from that list, the price on a leading trading platform serves as the basis. Finally, where the taxpayer cannot establish any valuation price, the original purchase price applies, converted into Swiss francs. Wealth tax attaches solely to the holding. Thus it arises regardless of whether the person sold anything during the tax year.
Other categories trigger further levies. Debt tokens embody a claim for repayment and, where applicable, interest. The ESTV therefore treats them as debt instruments whose periodic interest falls under the Verrechnungssteuer, the Swiss withholding tax. Trading in asset tokens with participation rights additionally triggers the securities transfer tax (Umsatzabgabe) under Article 16 StG. The levy applies where a domestic securities dealer handles the transaction. For domestic securities, the rate is 1.5‰.
Do I have to pay tax on crypto gains in Switzerland
Gains from selling a payment token held as private assets are generally tax-free private capital gains. Article 16 para. 3 DBG and Article 7 para. 4 lit. b StHG govern this. However, only the gain realized on sale stays exempt, not the holding itself. Conversely, losses in private assets remain irrelevant for tax purposes.
Realization covers more than a sale against francs. A swap into another token and the payment of an invoice with cryptocurrency also trigger a capital gain or loss. NFTs do not form a separate category here. As a rule, the October 2023 tax information from SSK and ESTV treats their purchase and sale like other assets. Therefore, the realized gain in private assets stays irrelevant, provided no gainful activity exists.
This tax exemption ends as soon as the activity goes beyond private asset management. Article 18 para. 2 DBG then captures the capital gains as income from self-employment. In addition, losses become deductible in this case, provided the person has booked them.
The five criteria from circular letter No. 36
Circular letter No. 36 "Professional securities trading" of 27 July 2012 describes where the boundary to commercial activity runs. The circular originates from securities trading, yet the ESTV applies its criteria to cryptocurrencies by analogy. The preliminary review sets five criteria. If a person meets them cumulatively, the tax authorities assume private asset management in every case. Consequently, the capital gains remain tax-free.
| Criterion (KS 36, no. 3) | Requirement of the preliminary review |
|---|---|
| Holding period of the securities sold | at least 6 months |
| Transaction volume per calendar year | no more than five times the holdings of securities and credit balances at the start of the tax period |
| Share of realized gains in net income | below 50% |
| Debt financing of the investments | none, or taxable investment income exceeding the proportional interest on debt |
| Purchase and sale of derivatives | only to hedge the taxpayer's own securities positions |
However, a missing criterion does not automatically result in professional trading. The circular requires an assessment of all circumstances of the individual case (no. 4). It follows Federal Supreme Court case law. Therefore the values in the table are indicators from a preliminary review. They are not thresholds at which tax liability automatically switches.
The volume criterion allows a concrete calculation. Specifically, the entire holding of securities and credit balances at the start of the tax period counts. Someone holding CHF 200,000 there meets the criterion up to a transaction volume of CHF 1,000,000 in the calendar year. Notably, that sum includes all purchase prices and sale proceeds, not only the gains.
Mining, staking and airdrops as ongoing income
The tax exemption for private capital gains does not cover ongoing income. The law captures it regardless of what happens on a later sale. For example, compensation from mining counts as taxable income under Article 16 para. 1 DBG. However, Article 18 para. 1 DBG applies instead where the activity meets the general criteria of self-employment. Private mining on a computer without an income surplus counts as a hobby in tax terms. SSK and ESTV take that view.
Compensation from a staking pool generally qualifies as income from movable assets under Article 20 para. 1 DBG. The value at the time of receipt decides. If a natural person stakes independently rather than through a pool, self-employment may exist. In that case, the compensation counts as income from self-employment. Staking income, however, usually does not fall under the Verrechnungssteuer. Specifically, a tax object under Article 4 para. 1 VStG is regularly absent. Following the same receipt principle, the tax authority also captures interest income from crypto lending.
The ESTV working paper also records airdrops as income from movable assets. The market value at the time of allocation is taxable. However, an exception applies where an airdrop qualifies as a prize competition for sales promotion. The gain then remains tax-free up to an exemption threshold of CHF 1,000 under Article 24 lit. j DBG. Four criteria must be met cumulatively for this. The organizer limits the number of winners in advance and draws them at random. Additionally, the competition requires a stake with monetary value, and the organizer must have its domicile in Switzerland.
Which level is responsible for crypto taxes in Switzerland
The DBG governs the direct federal tax, while the StHG merely harmonizes the framework of cantonal taxes. Consequently, the cantons regulate the wealth tax themselves, and the ESTV working paper does not replace their practice. Cantons can therefore differ on points of detail.
The Canton of Zug makes this visible. Since February 2021, it has accepted tax payments from natural and legal persons in Bitcoin and Ether. In March 2023, the canton raised the upper limit to CHF 1.5 million. Bitcoin Suisse AG handles the processing. Still, this payment option changes nothing about the substantive valuation under federal law.
No superordinate level exists. While MiCA regulates market access and supervision in the EU, it does not govern taxation. An EU-wide crypto tax regime does not exist either.
