Switzerland vs Monaco
Crypto regulation comparison
Switzerland
Monaco
Legal
Legal
Switzerland is one of the world's most crypto-friendly jurisdictions. The Canton of Zug is known as 'Crypto Valley' and hosts the Ethereum Foundation and hundreds of blockchain companies. FINMA provides clear regulatory guidance, and the DLT Act (2021) created a legal framework for tokenized securities and crypto exchanges. Individual investors pay no capital gains tax on crypto, though it is included in the cantonal wealth tax base. Professional traders may be subject to income tax.
Monaco has no income or capital gains tax. The CCAF oversees financial activities. Monaco has shown interest in blockchain technology and digital assets.
Tax Type
Wealth
Tax Type
No tax
Tax Rate
0% capital gains (individuals); wealth tax varies by canton
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
FINMA (Swiss Financial Market Supervisory Authority)
Regulator
Commission de Contrôle des Activités Financières (CCAF)
Stablecoin Rules
Regulated under FINMA framework; fiat-pegged stablecoin issuers must hold a banking or fintech licence (reserves treated as public deposits), or a payment system licence under FMIA if structured as financial market infrastructure
Stablecoin Rules
No specific stablecoin regulation
Key Points
- No capital gains tax on crypto for individual investors (private wealth management)
- Crypto included in cantonal wealth tax base (rates vary by canton, typically 0.1-1%)
- Professional/frequent traders may be classified as self-employed and taxed on income
- FINMA regulates crypto under existing financial market laws and the 2021 DLT Act
- DLT Act (2021) introduced DLT trading facility license and legal framework for tokenized assets
Key Points
- No income or capital gains tax
- CCAF provides financial regulatory oversight
- Government has shown interest in blockchain technology
- Working on digital asset regulatory framework
- Small but active fintech community