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Start a Business in Zug Crypto Valley

Start a Business in Zug Crypto Valley

Updated on Tuesday 07th November 2017

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Start-a-Business-in-Zug-Crypto-Valley.jpgZug’s economic sectors have drastically modified in the last decades, from traditional activities such as manufacturing and fishing, to modern activities, mostly carried out in the financial sector. Zug positioned itself as one of the top destinations for investments in the field of cryptocurrencies, a new field of activity in which more and more businessmen are willing to invest. Having a low corporate taxation system, Zug is one of the most appealing Swiss regions for starting a cryptocurrency business and our team of lawyers in Switzerland can provide legal advice on the applicable regulations in this sector. 

 

Regulations for cryptocurrency business in Switzerland 

 
Cryptocurrency businesses operating in Switzerland are included in the field of financial services, which are generally delivered by companies which have to obtain an approval for their operations issued by the Swiss Financial Market Supervisory Authority (FINMA). However, for the moment, companies performing activities in this sector do not need a specific license issued by FINMA, as the institution has not yet created a legal framework applicable to virtual currencies
 
As a general rule, cryptocurrency activities developed in Zug, Switzerland, are not regulated under a clear legal framework, but certain business operations fall under the regulations provided by the Anti-Money Laundering Act
 
For example, the following operations have to be performed under the provisions of the above mentioned Act:
 
buying/selling bitcoin for commercial purposes;
operating on trading platforms
 
The operators of the aforementioned activities have to verify specific rules of law available for these activities and it is compulsory to obtain specific documents issued by the local authorities; our team of Swiss lawyers can offer further information on this subject. 

 

Tax advantages of Swiss cryptocurrency businesses 

 
The canton of Zug provides an attractive corporate taxation system. For example, companies operating in the cryptocurrency sector are exempt from paying the value added tax (the tax is not applied to bitcoin transactions). 
 
Investors can also benefit from the provisions of the double taxation treaties signed here. More details on the registration and the taxation of cryptocurrency businesses can be provided by our lawyers. Please contact our law firm in Switzerland for consultancy services on this matter.  
 

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