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Cryptos in the Swiss tax declaration 2024

John Sulger Büel
10.01.2025
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#cryptocurrency #taxes

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John Sulger Büel
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We show you what you need to consider when declaring your cryptocurrency in the 2024 tax declaration.

Do you own cryptocurrency? Then you have to declare your digital "coins" as taxable assets in your tax return. The Federal Tax Administration (FTA) has also published the year-end prices of the most common cryptocurrencies in the "Cryptocurrencies" price list.

Year-end exchange rates for cryptocurrencies as of 31.12.2024 in CHF

The year-end rates are calculated at the end of each year at an average value of various trading platforms and prices and are used by the cantonal tax authorities for assessment purposes.

 

Cryptocurrency Exchange rate at 31.12.2024 (CHF)
BTC Bitcoin 85'926.486363
BCH Bitcoin Cash 406.351743
ETH Ethereum 3'083.556280
LTC Litecoin 94.404307
SOL Solana 179.620701
USDC 0.906168
USDT US Dollar Tether 0.905075
XRP Ripple 1.915808
Cryptocurrency Exchange rate at 31.12.2023 (CHF)
BTC Bitcoin 35'541.630896
BCH Bitcoin Cash 219.587313
ETH Ethereum 1'948.008419
LTC Litecoin 63.513972
XRP Ripple 0.524777

The pitfalls of cryptos and the impact on tax returns

Declaration in the tax return

  • To be listed in the "Securities and Credit Balances Form".
  • Declaration by evaluating the year-end holdings in the wallet.

Property tax

  • "Official" market value by the Federal Tax Administration and, if this is not determined, at the year-end price of the trading platform.
  • If there is no market value: declaration of the original purchase price in Swiss francs.

Income tax

  • Salary payments in cryptocurrencies as taxable income from employment.
  • Income from staking, validator, etc. as taxable investment income.
  • Self-employed persons: Profits from trading in cryptocurrencies must be declared as income from main/subsidiary occupation.
  • Mining and transaction fees received also result in taxable income.

Commercial trading with cryptocurrencies

Not every trade remains private. If you meet certain criteria, the tax office will classify you as a professional trader. Profits are then subject to income tax and AHV. However, you can deduct losses.

Legal basis

The Federal Tax Administration (FTA) defines the distinction in Circular 36, Commercial Securities Trading. In 2021, the FTA confirmed that these rules also apply to cryptocurrencies.

Safe-haven criteria (all must be met)

  • Holding period: Each coin must be in the wallet for at least six months before sale.
  • Transaction volume: Purchases + sales ≤ 5 × the beginning-of-year balance.
  • Main income: Capital gains < 50 % of your net income.
  • Financing: No or only low debt capital (income > debt interest).
  • Derivatives: Options & futures only for hedging.

Why the practice is stricter

  • Volatility: Many investors realize gains faster – holding period < 6 months.
  • Rapid price rises: A partial sale can exceed the 5 × limit.
  • Leveraged products: More margin trading means more leverage.

Additional Federal Supreme Court criteria

The Federal Supreme Court also reviews:

  • short holding periods
  • high trading frequency
  • use of leverage
  • use of derivatives

Tax consequences of classification

  • Income tax: All realised gains are taxable.
  • AHV: AHV contributions are due on the profit.
  • Losses: You may deduct losses from your income.
  • Unrealised gains: You do not pay tax on book gains.

Our conclusion

The safe-haven criteria provide guidance, but not absolute certainty. The Zug tax office assesses each case individually. Have your situation checked before hobby trading becomes a taxable business.

Do you need support in declaring your cryptocurrency?

Do you own cryptocurrency but are unsure about the declaration? Then get in touch with us. Our tax consulting team will be happy to advise you.

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