Crypto Regulatory Map

Crypto treated as property, no CGT in most cantons

FINMA licensing required, light-touch approach

Friendly - sandbox programs available, innovation-focused

Stablecoin issuers must obtain bank/securities license

No capital gains tax on crypto, Bitcoin legal tender

Supreme Court approved Bitcoin use, light regulation

Very progressive - government initiative, adoption incentives

Minimal restrictions, supportive environment

No capital gains tax, income tax on trading income

MAS licensing required for crypto exchanges

Progressive - grant programs available, clear MAS guidance

Issued stablecoins must meet MAS Payment Systems Act

0% capital gains tax on long-term crypto holdings

Banco de Portugal oversight for exchanges

Very friendly - crypto-friendly tax policy, progressive stance

MiCA compliant, reasonable stablecoin framework

No capital gains tax

BMA digital asset business license required

Very progressive - crypto hub, insurance required

Stablecoin framework available with insurance

VAT exempt in most EU countries, CGT applies

MiCA - unified EU framework for crypto service providers

Regulated - MiCA provides comprehensive rules, DeFi under review

Must meet high issuance standards, reserve requirements, MiCA Annex X

No income tax, no capital gains tax (for residents)

SCA authorization for exchanges, DFSA for DIFC

Very progressive - crypto hub initiative, Web3 friendly

AMLC framework, working with stablecoin issuers

No income tax, no capital gains tax

CBB authorization for crypto exchanges

Progressive - crypto hub initiative, sandbox available

Clear stablecoin framework via CBB

CGT on crypto gains, no VAT on purchase/sale

FCA authorization required for crypto services

Progressive - FCA publishing guidance, regulatory sandbox available

Stablecoin issuers must be authorized, 1:1 backing required

Capital gains tax at 26.375% if sold after 1 year hold

BaFin authorization for exchanges

Progressive - MiCA compliant, strong regulatory clarity

Full MiCA compliance required for stablecoins

Flat 30% tax on gains (capital gains + social taxes)

AMF authorization for exchanges and custodians

Regulated - MiCA compliant, FINMA cooperation

MiCA compliant, preferential stablecoin regime available

55% income tax rate on crypto gains (highest worldwide)

FSA registration required for exchanges post-FSA Law

Cautious - regulatory focus, DeFi lacking guidance

Stablecoin issuance heavily regulated, limited options

22% capital gains tax planned (formerly unregulated)

FSC registration, real-name bank accounts required

Developing - regulatory framework being established

Stablecoin regulations still evolving, some restrictions

No capital gains tax, trading income taxable

SFC license required for exchanges dealing in securities

Moderate - SFC licensing requirements, evolving framework

Proposed stablecoin regulation framework being developed

15-23% capital gains tax (evolving)

BCRA oversight, exchange registration

Progressive - government exploring crypto adoption

Stablecoin regulation framework being developed

50% of gains included in taxable income

FINTRAC and provincial money transmitter licenses required

Evolving - regulatory clarity increasing, some DeFi restrictions

Federal stablecoin regulation framework under development

Capital gains tax applies, VAT on certain transactions

BSP oversight for exchanges, light regulation

Progressive - BSP issuing guidelines, supportive

Stablecoin regulation framework developing

Ordinary income tax on gains (17-35%)

CNBV oversight, fintech guidelines available

Evolving - clear AML/KYC requirements

Stablecoin oversight through fintech regulation

Capital gains tax applies, no CGT discount for crypto

AUSTRAC registration for digital currency exchanges

Moderate - ASIC providing guidance, DeFi still evolving

Proposed stablecoin regulation through Payments Law amendment

15% capital gains tax on crypto sales

BCB authorization required, AML/KYC mandatory

Moderate - regulatory framework being developed

Stablecoin regulation framework under development

0.1% transfer tax on transactions, 23% income tax

PT Bursa Indonesia and OJK oversight

Evolving - regulatory framework being established

Stablecoin regulation under development

19% capital gains tax on trades over 2 UVTs

SFC oversight for crypto exchanges

Moderate - SFC providing guidance

Stablecoin oversight under development

15-37% income tax on crypto gains

SEC Thailand authorization required

Moderate - SEC Thailand providing oversight

Stablecoin regulation developing, payment restrictions