In Switzerland, the canton of Zug raises the threshold for bitcoin and Ethereum tax payments to CHF 1.5 million ($1.67m).

The authorities of the Swiss canton of Zug raised the minimum threshold of taxes payable in bitcoin and Ethereum from 100,000 CHF to 1,500,000 CHF ($1.67m). The Block.

Local residents gained the ability to pay taxes in the mentioned cryptocurrencies in 2021. The initiative announced in September 2020.

Bitcoin Suisse acted as the authorities’ partner. The company converts digital assets into Swiss francs. During the period such a facility operated, the canton of Zug collected 2 million CHF ($2.22 million) across 150 transactions.

In November 2022, Swiss authorities introduced verification for cryptocurrency transactions above 1,000 CHF ($1,110).

Earlier it was reported that the Swiss city of Lugano would make Bitcoin, Tether and the city token LVGA de facto legal tender.