������Ƶ

Highlights

• Switzerland’s Zug canton has been called “Crypto Valley” for attracting a number of different virtual currency “Foundations” headquarters, who launched their Initial Coin Offerings (ICOs) from the region. Zug-based ICOs include Ethereum (raising $18 million) and Tezos (raising $232 million).
• For decades, Switzerland has occupied a unique position in the global banking system, in light of its strong bank secrecy regime and reputation as a tax haven and, in some cases, a source of tax evasion for foreign account holders.
• The Swiss Financial Market Supervisory Authority (FINMA) differentiates between payment tokens (cryptocurrencies), utility tokens, and asset tokens, while noting that these classifications are not mutually exclusive, and tokens with multiple characteristics can be deemed to be both securities and means of payment.
• For tax purposes, virtual currencies in Switzerland are generally treated like foreign currencies; virtual currency capital gains or losses are not subject to taxation, and are therefore .

Virtual Currency-Specific Regulations

• Swiss Financial Market Supervisory Authority (FINMA), (Feb. 16, 2018)
• Confédération suisse, (June 25, 2014), archived at
• Swiss Financial Market Supervisory Authority (FINMA), (Sept. 29, 2017)
• Swiss Financial Market Supervisory Authority (FINMA), (Aug. 26, 2019),
• Swiss Federal Council, , Federal Council Report (Dec. 14, 2018)
• Swiss Financial Market Supervisory Authority (FINMA), (Jan. 1, 2019)
• Swiss Legal Tech Association (SLTA), (Apr. 27, 2018)

Nonprofit Regulations

• SwissFoundations, (2015)
• Giedre Lideikyte Huber (Lawyer at Cantonal Tax Administration, Geneva), , Université de Geneva Fiscalité (Mar. 2018)
• International Journal of Not-for-Profit Law, , (Sept. 2014)
• Dominique Jakob and Peter Picht, , The International Journal of Not-for-Profit Law (March 2013)

Tax Regulations

• Swiss Confederation Federal Tax Administration (FTA), The Swiss Tax System, Swiss Tax Conference (2019),
• Swiss Federal Department of Finance, The Swiss Tax System (Jan. 2020),
• Swiss Federal Tax Administration (FTA),
• European Fundraising Association, Tax Incentives for Charitable Giving in Europe (Dec. 2018),
• Deloitte, International Tax: Switzerland Highlights 2019 (Jan. 2019),

Anti-Money Laundering Regulations

• Swiss Interdepartmental Coordinating Group on Combating Money Laundering and the Financing of Terrorism (CGMF), (Oct. 2018),
• Swiss Financial Market Supervisory Authority (FINMA), (accessed Jan. 23, 2020)
• The Federal Assembly of the Swiss Federation, (Anti-Money Laundering Act, AMLA) (Oct. 10, 1997) (status as of Jan. 1, 2019), CC 955.0
• Swiss Federal Council, [Anti-Money Laundering Ordinance], CC 955.01 (Nov. 2015) (Status as of Jan. 1, 2020)
• Swiss Financial Market Supervisory Authority (FINMA), , CC 955.033.0 (Jun. 2015) (status as of Jan. 1, 2020)

Other Relevant Regulations, Sources, Notes

• Global Legal Insights, Blockchain & Cryptocurrency Regulation (2019),
• Law Library of Congress, (April 2019)
• Law Library of Congress, 70 (June 2018),
• Practical Law, (2018)
• Jeffrey H. Matsuura, (2016)