DeutschCryptocurrencies are taxable in Switzerland. While profits from private trading of Bitcoin and other cryptocurrencies remain tax-free for private investors, the holdings are subject to cantonal wealth tax. Income from staking, mining, and lending is considered taxable income. From 2027, the international information exchange CARF will also come into effect, which significantly increases transparency towards tax authorities.
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The most important facts about crypto tax in Switzerland
| Topic | Rule in Switzerland |
| Capital gains tax-free? | Yes, for private investors |
| Wealth tax | Yes, price on Dec 31 |
| Staking taxable? | Yes (income) |
| Mining taxable? | Yes (income) |
| Crypto-to-crypto taxable? | No (for private investors) |
| Declaration | Securities register |
Cryptocurrencies and wealth tax in Switzerland
It is established that, based on the so-called civil law qualification, Bitcoin and other cryptocurrencies are to be regarded as monetary rights to an asset. This in turn means that cryptocurrencies belong to net assets according to Art. 13 para. 1 StHG.
Holdings of cryptocurrencies must be declared at their market value on December 31 in the tax return. The Federal Tax Administration (ESTV) annually publishes official price lists with the tax-relevant average values of the most common cryptocurrencies. If a coin is not listed on the ESTV price list, the market value of a recognized trading platform or the original purchase price can be used as an alternative.
The wealth tax rate varies by canton and is usually between 0.05% and 1% of the assets. Exemptions vary by canton and are usually between CHF 60,000 and CHF 100,000 for individuals. For married couples, they are between CHF 100,000 and CHF 200,000 in most cantons.
Only smaller amounts used for payment transactions do not have to be declared, similar to Swiss francs as cash. For this, Bitcoins must be used for payment.
Are capital gains taxable?
In Switzerland, capital gains resulting from coin holdings held as private assets are considered capital gains and are therefore tax-free in Switzerland. This clearly distinguishes Switzerland from most other countries. In Germany, for example, crypto gains are taxable within the one-year holding period, while in Austria, a flat rate of 27.5% KESt applies.
Important: This tax exemption only applies to private trading. Capital losses from private trading, in contrast, are not tax-deductible in Switzerland. Anyone who realizes losses with cryptocurrencies cannot offset them against gains.
Crypto-to-crypto exchange: Not a taxable event
Another advantage for Swiss investors: The exchange of one cryptocurrency for another (e.g., Bitcoin for Ethereum) is not a taxable disposal transaction for private investors. In Germany and Austria, however, every crypto-to-crypto trade is considered a taxable sale.
When does crypto trading become a business?
The tax exemption for capital gains is forfeited if the tax authorities classify the trading as commercial. In this case, all profits become subject to income tax. Losses, however, can then be claimed for tax purposes.
For the assessment of commerciality, the ESTV applies the criteria of Circular No. 36 on commercial securities trading by analogy. Typical indicators of commercial activity are:
- High turnover and very frequent transactions in short intervals
- Use of borrowed capital to finance trades
- Systematic, professional approach
- Short holding period of positions
- Crypto income primarily finances livelihood
The assessment is made on a case-by-case basis by the cantonal tax office. In case of doubt, it is advisable to consult with the competent tax administration.
Staking, Mining, Lending, and Airdrops: What applies for tax purposes?
The situation is different for income from crypto activities. While capital gains from buying and selling are tax-free, income from mining, staking, lending, and airdrops is considered taxable income.
Mining
Mining falls under income tax, so the income generated from mining is indeed taxable. If these proceeds or income are not declared, it would constitute tax evasion. Provided that the general criteria for self-employment are met, mining income is considered income from self-employment for tax purposes. The mined cryptocurrencies must also be declared as assets as of December 31.
Staking
Staking rewards are considered taxable income and must be taxed at their current market value in CHF at the time of inflow. The rewards also increase the taxable asset base as of December 31. No withholding tax is levied on staking rewards (current ESTV practice).
Lending and DeFi income
Interest income from lending cryptocurrencies must also be recorded as taxable income. This applies analogously to liquidity mining income and similar DeFi income such as yield farming. The assessment of complex DeFi cases is often dependent on the individual case. For larger amounts or unclear constellations, we recommend consulting a tax advisor.
Airdrops and Hard Forks
Airdrops are considered income for tax purposes at the time of receipt, provided a monetary benefit arises. The market value at the moment of crediting determines the tax burden. In the case of hard forks, where a new cryptocurrency is created by splitting, the tax treatment must be examined on a case-by-case basis.
How to declare cryptocurrencies in your tax return?
Cryptocurrency holdings can be declared in the tax form in the securities and asset register as “other assets,” specifying the respective cryptocurrency. An extract from the wallet with all existing holdings of Bitcoin, Ethereum, and co. as of the cut-off date serves as proof in the tax return.
As is well known, there are no uniform prices for cryptocurrencies. Therefore, the Federal Tax Administration uses an average value from various crypto exchanges. This is published in the price lists of the Federal Direct Tax. If the tax administration does not provide an official market value for the held cryptocurrency, the purchase price or the year-end closing price on a common exchange can be stated. The handling varies by canton.
Income from staking, mining, and lending is declared as income in the tax return. The market value in CHF at the time of inflow is decisive.
What evidence does the tax administration require?
The ESTV requires detailed records of crypto transactions to be kept for at least 10 years. This includes:
- Wallet addresses and overview of all holdings
- Transaction histories from exchanges and wallets
- Bank statements with deposits and withdrawals of fiat currencies
- Type of crypto assets, date, units, and value in CHF at the time of transaction
The purchase and sale of cryptocurrencies are recorded on blockchains and can be traced permanently. Cryptocurrencies are therefore anything but anonymous. It is therefore worthwhile to declare them completely and correctly from the outset to avoid subsequent tax assessments and tax penalty proceedings.
CARF: What does the new information exchange mean for Swiss investors?
From 2027, Switzerland will introduce an extended international information exchange for cryptocurrencies with the Crypto Asset Reporting Framework (CARF). Crypto service providers will then be obliged to report relevant data about users and their transactions to the tax authorities.
CARF is the Swiss equivalent of the EU directive DAC8 and was developed by the OECD. For Swiss investors, this means: Crypto activities on regulated platforms will be reported to the tax authorities in the future. Anyone who does not correctly declare their holdings and income risks subsequent tax assessment proceedings.
Crypto Tax Tools for Switzerland
With a large number of transactions and the use of various exchanges and wallets, it’s easy to lose track. Special crypto tax tools help to automatically record all crypto activities and tax-relevant events.
CoinTracking, Koinly, and Blockpit support Swiss tax logic and generate a report with the asset value of your crypto holdings as of December 31. In our crypto tax tool comparison, you will find a detailed comparison of all providers.
Conclusion: Crypto Taxes in Switzerland
In conclusion, it can be stated that there are some clear rules regarding the taxation of cryptocurrencies in Switzerland. Cryptocurrency holdings fall under taxable assets and must be declared at the ESTV market value on December 31. Capital gains from private trading are tax-free, while capital losses are not tax-deductible. All cryptocurrencies must be recorded, not just Bitcoin. Income from mining, staking, lending, and airdrops is subject to income tax.
For Swiss crypto investors, the tax situation is attractive compared internationally. The tax exemption for private capital gains, tax-free crypto-to-crypto exchanges, and the comparatively low wealth tax make Switzerland one of the most crypto-friendly tax locations worldwide. Nevertheless, the documentation obligation should not be underestimated, especially with the upcoming CARF information exchange from 2027.
Finally, an explicit note: The preceding explanations do not constitute binding legal advice. Anyone who already trades in digital currencies and generates income from disposal transactions or plans to start should definitely rely on the assistance of a tax expert. Ideally, these experts already have extensive experience with cryptocurrencies. It is by no means the case that every tax advisor is now familiar with the topic of taxes on cryptocurrencies in Switzerland.
Frequently Asked Questions about Cryptocurrency Taxation in Switzerland
- What is CARF and does it affect Switzerland?
CARF (Crypto Asset Reporting Framework) is an international OECD standard for the automatic exchange of information regarding crypto transactions. Switzerland will introduce CARF starting in 2027. Crypto service providers will then be required to report data about users and their transactions to the tax authorities.
- How do I declare cryptocurrencies in my Swiss tax return?
Cryptocurrencies are entered in the securities and assets list as “other assets,” specifying the respective cryptocurrency and the market value as of December 31 according to the FTA price list. If a coin is not listed on the price list, the purchase price or the year-end price from a popular exchange can be used. Earnings from staking and mining are declared as income.
- Do I have to pay taxes on crypto gains in Switzerland?
For private investors, capital gains from buying and selling cryptocurrencies are tax-free in Switzerland. However, your crypto holdings are subject to cantonal wealth tax and must be declared at their market value on December 31st. Income from staking, mining, and lending is considered taxable income.
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