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Learn More about buying USDT in Switzerland
How to buy Tether in Switzerland
Is USDT a good investment in Switzerland?
Tether is the first stablecoin in the crypto world, launched in July 2014. Like other stablecoins, Tether's price is tied to the price of USD. It means every Tether is always $1. It is also called USDT, which means USD Tether. The stable price of Tether makes it a great alternative to USD in the online world. People can easily use their Tether to purchase other coins. Although the Tether price is always stable, it fell to $096 once in May 2022. However, that didn’t impact its market because very soon it rebounded to $1.
Tether is not an investment like other coins. Since its price is stable, nothing can happen in the future. But people buy Tethers for other reasons. One of them is trading it with other coins whenever they want. The other reason is to avoid the volatility of the crypto market. Traders and investors usually trade their coins with Tether when the crypto market seems unstable or collapsing. Therefore, they can keep their digital assets safe from this risky world. Then, when the market stabilizes, they again trade their tether with other coins that seem to have a better future. Thus, Tether is not considered an investment but can help traders in difficult times.
What is Tether ?
Tether was launched on a platform called Omni via a blockchain company called Tether Holdings Limited. The Omni platform is a sub-layer of the Bitcoin blockchain. Tether was then released as an ERC-20 coin on the Ethereum blockchain.
Is Tether legal to buy in Switzerland
Switzerland is one of the most well-known banking and financial centers in the world. The country is progressive on the development of cryptocurrencies. In January 2018, Swiss Economy Minister Johann Schneider Ammann stated that he sought to make Switzerland a “crypto nation”. According to the Swiss Financial Market Supervisory Authority (FINMA) and the Switzerland Federal Tax Administration (SFTA), cryptocurrencies and virtual currencies are legal and classified as assets or property.
Is Tether taxed in Switzerland
Yes. According to the established tax legislation defined by The Swiss Federal Tax Service (SFTA), cryptocurrencies are assets. This means that they are subject to Swiss wealth, income and capital gains taxes and must be declared in annual tax returns. The mentioned tax legislation treats crypto assets similar to stocks, bonds and real estate in Switzerland. According to the mentioned document above, if you are a private crypto investor, your crypto profits will be completely exempt from Capital Gains Tax. This is as long as you fulfill these five criteria:
- transaction volumes should not exceed five times the original capital
- holding period of crypto assets should be six months or more
- capital gains should be less than 50% of overall taxable income
- minimal usage of third-party financing (buy assets with your money)
- derivatives only used as a hedging tool
Note that as stated by the tax legislation document, if you violate two or more criteria, chances are that you may not be considered a private investor but a self-employed trader instead. If you are not sure that you will be considered a private investor or a self-employed trader, we recommend consulting a tax professional in Switzerland or the SFTA directly.
According to the tax legislation document, private investors don’t have to pay tax on their trading profits, but you might still need to pay Income Tax on cryptocurrency. Having your salary from a job being paid in a cryptocurrency, getting paid in crypto in exchange for services if you are a freelancer, or receiving crypto from activities such as mining will be considered income by the FTA.
After you've bought Tether in Switzerland
You can use Tether to purchase goods or services. Since Tether has been on the market for so long, you can find lots of stores and shops that accept it as their payment method. Furthermore, Tether is an alternative to USD in the digital world. Therefore, Tether is your dollar in the digital wallet. You can also use it to buy other coins. In the case of keeping Tether in a wallet, it is better to choose a software wallet to be able to use Tether easily.
Who can buy Tether in Switzerland
All citizens of Switzerland can convert, buy, and sell cryptocurrencies with fiat. Cryptocurrencies are accepted as legal tender in certain cities. Many traditional banks in Switzerland are partnering with digital asset banks to allow their customers to purchase crypto assets. These Swiss banks accept cryptocurrency and enable individuals and businesses to convert it into fiat. A more efficient and quick way to buy crypto in Switzerland would be through crypto exchanges. Our service authorizes fast and secure transactions through different means such as Apple pay, Google pay, Credit Card, Debit Card, Bank Transfer and PayPal.
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Frequently asked questions
Tether is available on almost all exchanges. If you want a low-cost and trusted exchange to buy Tether, BlockTrade will be the right place for you. You only need to create an account and start buying cryptocurrency. Furthermore, unlike most exchanges, BlockTrade doesn’t have any processing fee. So, purchasing Tether on this exchange will cost you lower than in other places.
According to the deadline settlement document of Swiss Federal Tax Service (SFTA), the tax year in Switzerland runs from January 1 to December 31 each year. Crypto holders are taxed depending on the rates published by the FTA by the end of the fiscal year (31 December). Your crypto taxes should be reported in your annual tax return where you also report ordinary income from employment.
According to the tax legislation by SFTA, income from cryptocurrency mining and staking is declared as taxable income for tax purposes. Mining considerations can qualify either as employment income or as income from self-employment.
Tether Limited Inc is the company behind creating Tether, which is also owned by a larger company called IFinix inc, located in Hong Kong. Reeve Collins, Craig Sellars, and Brock Pierce had the most important roles in creating Tether, and are considered the first owners. However, in 2015, the company was purchased by its new owner in Hong Kong.
There are two factors that affect the cost of cryptocurrency purchase. The price of the cryptocurrency itself and the exchange commission. Our exchange is practically one of the cheapest means to buy crypto since it does not charge any exchange fee.
Tether always has a stable price. Since its price will not change or grow, you cannot make money from keeping Tether in your E-wallet. It is not a coin to invest in.