How is crypto taxed in Switzerland?

Crypto taxes in Switzerland work differently from most countries. As of October 2026, a private investor who buys and sells crypto generally pays no capital gains tax, but the value of their crypto is included in wealth tax every year, and income from activities such as staking or mining is taxed.

Do private investors pay capital gains tax on crypto in Switzerland?

Generally no. The Swiss Federal Tax Administration (ESTV) treats payment tokens like bitcoin as movable private assets, and Swiss law exempts private capital gains on such assets. The flip side is that losses are generally not deductible either. For how other countries handle losses, see crypto losses and taxes.

Simply holding crypto bought on an exchange does not create taxable income. Buying and selling it is treated much like dealing in foreign currencies.

How does wealth tax on crypto work in Switzerland?

Wealth tax is charged by the cantons, and crypto is included in it. You declare your holdings at market value at the end of the tax period. The ESTV publishes year-end tax values for the most common cryptocurrencies in its price list, known as the Kursliste. For coins not listed, cantons accept the year-end price on a leading or commonly used exchange. If no current price exists, the original purchase price in Swiss francs is used.

Cantons ask you to list crypto in the securities schedule of your tax return. Zurich and Zug both say a wallet printout as of year-end can serve as proof. Rates and allowances vary by canton.

Which crypto income is taxable in Switzerland?

Several kinds of crypto receipts count as income.

• Staking rewards paid through a staking pool are generally income from movable assets, valued in francs when received. Running your own validator may count as self-employment instead.
• Mining rewards are taxable income, and may count as self-employment income.
• Airdropped tokens are taxed as income at their market value when allocated.

The ESTV guidance does not directly address interest from crypto lending. For the general mechanics of staking, see what crypto staking is.

When are you treated as a professional crypto trader?

If your activity looks like a business, gains become taxable self-employment income and losses become deductible. Swiss tax authorities apply criteria from ESTV Circular No. 36 on professional securities trading by analogy to crypto. Canton Thurgau lists safe-harbour tests that, if all are met, point to private investing. They include a minimum holding period, yearly trading volume of no more than five times the starting portfolio, gains under half of taxable income, little or no borrowing to invest, and using derivatives only to hedge. Failing one test does not automatically make you a professional, since the whole picture is assessed.

To compare Switzerland with its neighbors, see how crypto is taxed in Germany and crypto tax around the world.

Rules differ by country and change often. Check the tax authority or a qualified professional for your own situation.