The Swiss canton of Zug has raised the tax threshold for Bitcoin and Ethereum to over 1.6 million US dollars.

According to a report by BlockBeats on May 19th, the Swiss canton of Zug, also known as "Crypto Valley", has raised the tax threshold for Bitcoin and Ethereum from the previous 100,000 Swiss francs (over 110,000 US dollars) to 1.5 million Swiss francs (over 1.6 million US dollars), effective immediately. The Zug finance director said in a statement that this is an important step for Zug to move towards a digital future. In addition, Zug plans to enable taxpayers to use cryptocurrency for tax payments by scanning the QR code on the payment slip issued by the tax authority in the second half of 2023. Zug has been accepting Bitcoin and Ethereum for tax payments since 2021 and has conducted about 150 cryptocurrency tax transactions with a total amount of about 2 million Swiss francs (over 2.2 million US dollars).