Bitcoin adoption has seen a further boost in the region of Zug after authorities announced that holders of crypto are now allowed to make crypto tax payments.
The area is famous for its crypto-related activities and has been dubbed ‘crypto valley’ by crypto savvy experts around the world. In the report that was submitted by a news outlet, Bloomberg, it showed that the residents of the region can now make crypto tax payments in Bitcoin and Ethereum.
Furthermore, the report also stated that the total amount payable on tax by individuals and businesses in the region can total up to $109,000. Taking statistics into consideration, the region boasts of about 127,000 residents. This new crypto tax idea was born out of the partnership between the authorities in the region and a renowned brokerage firm in the region, Bitcoin Suisse AG.
Crypto tax payment is the right move, Bitcoin Suisse AG CEO says
CEO of Bitcoin Suisse AG, Niklas Nikolajsen told reporters that the region no longer has any questions as regards the legitimacy of bitcoin amongst other things. Furthermore, he said the crypto market which currently boasts of about $500 million in market cap has already become an everyday market and the government made the right move accepting them.
This is not the first time that Bitcoin Suisse will partner a region to make crypto tax payments a reality in the country as it previously partnered Zermatt which is located in the Canton of Calais.
Bitcoin Suisse AG helps regions to convert crypto into cash
Even though authorities in the region of Zermatt had already started accepting crypto tax payments since the beginning of the year, the partnership with Bitcoin Suisse AG meant that the residents in the region could pay the tax at the Zermatt tax office.
The partnership also benefited Zermatt as it afforded them the ease of conversion of the digital assets into cash. The Mayor of Zermatt, Romy Biner-Houser lauded the move as one for the future which would help the country tackle the increase in demand for crypto tax payments.