19 March 2019

Is there a legal right to a bank account in Switzerland?

Access to payment services is particularly important in these digital times. Often a bank account is required. In the EU, every consumer legally resident in the EU has a right to an account (Directive 2014/92/EU). An account may be refused in the EU if a consumer infringes the rules on combating money laundering or terrorist financing (bank accounts in the EU). There is no general explicit legal provision in Switzerland. Is there therefore no legal entitlement to a bank account in Switzerland?

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06 December 2018

Federal Council publishes implementing provisions for the new FinTech licence

On 30 November 2018, the Federal Council published the amended Banking Ordinance with the long-awaited implementing provisions for the new FinTech licence. The rules for this new licence will come into force on 1 January 2019.

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18 December 2017

Taxation of cryptocurrencies

Currently, the cryptocurrency Bitcoin ("BTC") is for the first time passing the threshold of USD 20,000 per BTC and setting a new record. The phenomenal rise in price of the BTC recently, but also the increased use of cryptocurrencies in daily life (e.g. purchasing BTC at Swiss Railway Company ticket vending machines or the paying for the services of the company register of the canton of Zug with BTC) has led to more and more people wanting to join the party. Accordingly the tax treatment of cryptocurrencies has greatly gained in importance.

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