Crypto and taxes in Switzerland: the overview
Capital gains are tax-free for private individuals, income and holdings are not. Here's what applies to Bitcoin and similar assets.
How Switzerland classifies crypto
For tax purposes, cryptocurrencies count as movable assets, similar to stocks. They are not money in the legal sense. Much the same follows as with securities: private individuals' capital gains are tax-free, holdings count towards wealth, and income is taxable.
What's tax-free
If you sell Bitcoin, Ether or another coin at a profit, as a private individual you pay no income tax on it. This applies even if the gain is large. Swapping one cryptocurrency for another also triggers no tax for private investors. You cannot, however, deduct losses.
What's taxable
Income from crypto
If you put your coins to work, you owe income tax on the rewards. This includes staking, mining, interest from lending and DeFi platforms, and in some cases airdrops. What counts is the value on the day you gain the claim to it.
Salary in crypto
If your employer pays you in crypto, that's ordinary employment income and belongs on your salary statement.
Year-end holdings
All your coins count towards your wealth, valued as of 31 December. Only the cantons levy wealth tax, and each has its own allowances. You must declare every holding, including small ones and self-custodied ones.
When capital gains become taxable after all
Tax-free treatment applies only to private investors. Anyone trading like a professional dealer must declare the gains as income, plus social security contributions apply. The tax authority judges this based on overall circumstances. Five criteria from Circular No. 36 of the Federal Tax Administration serve as guidance:
Anyone who meets all five generally counts as a private investor. Breaching one criterion doesn't automatically make you a dealer, but it does mean closer scrutiny is likely. With crypto it's especially worth checking these criteria, because many people trade actively. They come from practice around securities and apply to crypto by analogy.
What to keep in mind with crypto
Cryptocurrency prices swing very sharply, and a total loss is possible. This page only explains the tax side and is not investment advice. Keep your records, because if in doubt you need to be able to prove origin and purchase date. Tax authorities are increasingly receiving data from crypto providers, so not declaring is not a real option.
Crypto in the tax return The step-by-step guide for declaring it.Frequently asked questions
Do I have to declare small amounts too?
Yes. Every holding belongs in the tax return. Whether wealth tax ends up being due depends on your canton's allowance.
What if my coins are in a wallet only I control?
You still have to declare them. For tax purposes it doesn't matter whether the coins sit on an exchange or in self-custody.
What about stablecoins?
They count as assets for tax purposes. The holding goes into your wealth, and interest from it is income.
What about NFTs?
There's no uniform practice yet. Clarify your specific case with your tax authority or a professional.
Further reading: Stocks and taxes, ETFs and taxes and Crypto platforms compared.