State is quite staunch in its position as for crypto-currency, but there’re rigorous requirements for organizing a crypto-business. Crypto license in Switzerland is issued to firms following provisions of local legislative frameworks and rules of the regulatory body. Jurisdiction’s goal is to create a stable and reliable environment for crypto-currencies functioning and implementation of operations with them.
Based on the type of commercial project, you can get an exchange or operative permission. They are issued by Financial Market Supervisory Authority.
Crypto-currencies are subject to taxation. Nevertheless, jurisdiction has rather low tax rates, which is also one of additional privileges for doing cryptobusiness. Jurisdiction has so-called “crypto valley” with one of lowest tax ratios compared to state’s cantons.
Regulative authority controlling deals of crypto-currency projects – FINMA – puts forward certain rules for firms associated with digital currencies, and also oversees all operations carried out locally, and issues Switzerland crypto license. Local crypto-law states entrepreneurs providing services for storing assets or carrying out operations with them need to develop and implement a KYC-procedure – “know your customer”. If there’s any suspicion regarding the client, the firm needs to report this to the Office of Combating Illicit Funds. If the authority finds these suspicions justified, the client’s assets are frozen.
Businesspersons also may get cryptoexchange licenses in Switzerland. State offers favorable conditions for cryptoexchanges functioning. Permission is issued by local authority after companies have passed an audit for following all necessary norms, particularly, for prevention of illegal circulation of monetary means. Crypt-exchanges are required to perform the KYC procedure, monitor customer operations and report all distrustful actions.
Cryptoactivities incomes are covered by taxes. Its rate depends on the entity’s status: individual businessperson, a corporation dealing with crypto-currencies, etc. Having Switzerland cryptocurrency license, businesspersons may expect a rate of 12-18%.
Implementation of ICO projects needs attendance of entrepreneurs, sufficient initial assets and specialists working within further structure. To launch, you must first send an application to FINMA, demonstrate a detailed description of project and indicate the scope of its activities.
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