Switzerland vs Vatican City
Crypto regulation comparison
Switzerland
Vatican City
Legal
No Regulation
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.
Vatican City has no cryptocurrency regulation. The micro-state's financial system is focused on the Holy See's financial activities. ASIF provides financial oversight.
Tax Type
Wealth
Tax Type
None
Tax Rate
0% capital gains (individuals); wealth tax varies by canton
Tax Rate
N/A
Exchanges
Yes
Exchanges
No
Mining
Yes
Mining
No
Regulator
FINMA (Swiss Financial Market Supervisory Authority)
Regulator
ASIF (Supervisory and Financial Information Authority)
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 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 specific cryptocurrency legislation
- ASIF provides financial oversight for the Holy See
- Micro-state with very limited financial market
- No crypto exchanges or services
- AML/CFT framework aligned with international standards