Switzerland · Private assets
Crypto taxes in Switzerland: what you actually have to declare
Three things decide your tax bill, and only one of them is the gain. This overview gives the legal basis for each, so you can check what it says.
1. Price gains are tax-free for private investors
If you sell bitcoin at a gain, that gain is tax-free for you as a private investor. That is Art. 16(3) DBG, the Federal Act on Direct Federal Taxation, and it applies to all movable private assets, not only to crypto.
The other side of the same rule: losses are not deductible. A bad year does not lower your tax bill.
This holds as long as you count as a private investor. A professional trader pays income tax on gains, and may then deduct losses. Whether that applies to you is assessed case by case and does not hang on a single number.
2. Your holding is taxed as wealth on 31 December
What you hold is part of your taxable wealth, valued at market value on 31 December. For the common cryptocurrencies the ESTV publishes a year-end price in its Kursliste, and that price is the one that counts.
For tokens without an ESTV price, you enter the market value yourself and must be able to back it up. This is where most declarations become inaccurate: a token without a listed price tends to disappear from the schedule of securities (Wertschriftenverzeichnis) altogether.
3. Staking, mining and airdrops are income
Staking and mining rewards are declared as income when they are received, at that day's price. Not only once you sell: the sale itself is then a tax-free capital gain in its turn.
The same goes for airdrops received for nothing in return. In practice, every single credit needs a date and a price, and with daily staking rewards that quickly adds up to several hundred entries a year.
What you cannot deduct
Transaction and gas fees connected with buying, rebalancing or selling are not deductible. The ESTV working paper says so explicitly.
There is one exception: costs directly connected with earning income may be deductible under Art. 32(1) DBG, for example the fee for claiming a staking reward. The line is narrow, and one for your tax adviser.
Switzerland, Germany and Austria compared
The three countries treat the same transaction differently. Most clearly swapping one crypto for another: tax-free in Switzerland, a taxable disposal in Germany, tax-neutral in Austria with the cost carried over.
| Switzerland | Germany | Austria | |
|---|---|---|---|
| Sale for fiat | tax-free in private assets | taxable if held up to 1 year | 27.5 % on new holdings (Neuvermögen) |
| Crypto-to-crypto swap | tax-free | taxable disposal | tax-neutral |
| Staking rewards | income when received | income when received, 256 € exemption threshold | cost 0 €, taxed on sale |
| Losses | not deductible | only against private disposal gains | against capital income at 27.5 % |
| Cost basis | not needed privately | FIFO per wallet | moving average per wallet |
| Form | Wertschriftenverzeichnis | Anlage SO | E1kv |
For Germany and Austria the values reflect the sources linked below; the Swiss column is derived in detail above. What counts is always your country of residence.
The detail for the other two countries, in German: Krypto-Steuern Deutschland and Krypto-Steuern Österreich.
Frequently asked questions
- Do I pay tax on crypto gains in Switzerland?
- As a private investor, realised capital gains are tax-free (Art. 16(3) DBG). What is taxed is your holding, as wealth, and separately income such as staking or mining. Professional traders are treated differently: that is assessed case by case.
- Which price applies on 31 December?
- For cryptocurrencies on its price list (Kursliste), the Federal Tax Administration (ESTV/FTA) publishes a year-end price; it is the one that counts for wealth tax. For tokens without an ESTV price, use the market value on 31 December, documented so that it can be checked.
- Are staking rewards taxable?
- Yes. Staking rewards count as income from movable assets and are declared as income when they are received, at that day's price (ESTV working paper on cryptocurrencies, section 2.2.2).
- Can I deduct transaction fees?
- Fees connected with buying, rebalancing or selling are not deductible. Costs directly connected with earning income may be deductible under Art. 32(1) DBG; that is a case-by-case question.
Sources
The documents below are linked in German.
Your report for Switzerland: your holding at the ESTV prices on 31 December, income with date and price, and the check for professional trading. Join the waitlist