Switzerland Will Not Change Tax Legislation due to Blockchain
The Swiss Federal Department of Finance has decided not to change the tax laws for blockchain technology. According to the country's financial regulator, the current tax laws fully take into account all aspects of modern technology.
According to the press release, the Swiss Federal Council first asked the Ministry of Finance on December 7, 2018 to study the potential impact of distributed ledger technology and blockchain on the country's economy. Lawmakers submitted a report to the Council at the meeting on June 19. They concluded that the Swiss tax law is fully compatible with blockchain technology — at least at the moment, changes to the law for new financial instruments are not required.
It is worth noting that Switzerland, in an effort to prevent money laundering with the use of cryptocurrencies, tightened the regulatory framework in February this year. It is also the first country to attempt to regulate cryptocurrency banking transactions. Cryptocurrency banks received an operating license from the Swiss financial regulator FINMA last autumn. The undertaken steps indicate the determination of Switzerland to go through the integration of modern crypto tools into the traditional financial system.
Image courtesy of Yahoo
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