Insights
Wages in Bitcoin under Swiss Law
As a general rule, the employment contract can contain an agreement that wages are not paid in Swiss francs but in another currency. The extent to which this also applies to Bitcoin or other cryptocurrencies and the associated risks need to be examined on a case-by-case basis.
Wallet Provider Insolvency - This Is What Happens to Crypto Assets Held in Custody
Not your key, not your coin - this principle also applies in Swiss insolvency law. However, under certain conditions, crypto-based assets held by a third party can be separated from the insolvency estate of a wallet provider for the benefit of customers. Whether assets will be returned successfully depends upon the exact form of custody.
Swiss Federal Court Rules on Selling of Seized Crypto Assets
If seized assets in criminal proceedings are liquidated before a court has rendered a final decision, the prosecuting authorities must ensure that they are liquidated in a way that has as few negative ramifications as possible on the proceeds they can generate. If the criminal justice authorities do not have the requisite knowledge for this, they must appoint an external expert.
Founding a Company Using Crypto and Foreign Currencies
Founding a Swiss company using crypto capital is already possible today. The legal requirements are though stricter compared with making a cash contribution in Swiss francs, and potential exchange rate fluctuations must be taken into account. The revised corporate law will make capital contributions more flexible and also open the door to foreign currencies.
This Swiss Canton Just Made it Legal to Pay Taxes in Bitcoin and Ether
Swiss Canton of Zug allows individuals and corporations to pay taxes in Bitcoin or Ether as of February 2021. The government appointed Bitcoin Suisse AG as the payment processor.