Switzerland is one of the most popular countries in the world along with Estonia for crypto licenses, it openly encourages the potential for blockchain technology and aspires to provide an optimal environment for continual innovation.
There several are different crypto licenses available in Switzerland that are used in conjunction with a Swiss AG or GMBH company. Companies may opt for licenses from Swiss Federal Financial Market Supervisory Authority (FINMA) depending on the nature of their project.
Switzerland aims to create an environment that allow companies explore new innovative ways of doing business in the cyrpto and blockchain sectors to become a 'blockchain and fintech nation'. The Swiss FINMA give companies that accept public money the opportunity of not "having to comply with costly time consuming regulations."
There are currently four different types of Swiss Crypto licenses available:
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Financial intermediaries who are not members of a self-regulatory organization require a license from FINMA as per the Anti-Money Laundering Act (AMLA).
The conditions of the license are set out in Article 14 of the Anti-Money Laundering Act (AMLA). These conditions must be met before a license can be issued to a directly subordinated financial intermediary (DSFI).
A financial intermediary must fulfill the following conditions:
Incorporation takes around 3-4 months if all the paperwork and documents are duly filed and completed.
The minimum paid-up capital is 100,000CHF
There must be at least one shareholder and one director
Details of the beneficial owner as well as any shareholders are not publicly disclosed however details of the director is publicly available.
There are three different types of taxes, federal and canton.
The federal tax rate is 7%
Each canton has its own tax rates between 11-24%. (Zug has a tax rate of 14% where a majority of the cryptos are based.
The company must have a registered address in Switzerland, does not need a company secretary but does require general meetings.
A notarized copy of the following documents must be submitted :
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In order to get a cryptocurrency license you need:
Swiss Cryptocurrency Exchange Licence
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Other Popular Crypto licenses include:
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*Note for U.S. citizens: US citizens are limited in their tax reduction possibilities due to FATCA and CFC laws. Opening an offshore company can increase privacy and asset protection, but you can not eliminate your taxes without giving up your citizenship. If you are a US citizen you are obligated to pay taxes on all worldwide income. Read more here about FATCA and CFC laws.
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