Swissquote’s Crypto Revenue Triples. Meanwhile, Swiss Authorities Invite Consultation On Crypto Tax

Swissquote, a leading Swiss online financial and trading services provider, reported a remarkable increase in its crypto revenue for the first half of 2024. 

A boost in crypto market capitalization and greater trading volumes drove the online Swiss bank’s net revenue from crypto assets, which skyrocketed by 369.0% to CHF 35.1 million ($40.6 million).

The company’s crypto revenue tripled compared to the same period last year. This highlights the growing interest and participation in the cryptocurrency market. This surge in the trading, investing and banking platform’s revenue underscores the increasing adoption of digital currencies. 

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Swiss Government Starts Consultation On Crypto tax 

Meanwhile, the Swiss Finance Ministry started a consultation on its latest crypto bill.

On 14 August 2024, the Federal Council released a statement saying that it “wants to use the bill to determine from when Switzerland should automatically exchange information on cryptoassets with which partner states.”

The said bill proposes to exchange crypto asset information with all its existing 111 states and territories with which it has automatic information exchange agreements, provided they meet the requirements of the OECD’s Crypto-Asset Reporting Framework.

“An actual exchange is only to take place if the partner states are interested in exchanging information with Switzerland and if they fulfil the requirements of the OECD’s Crypto-Asset Reporting Framework,” the Federal Council stated.

Swissquote’s Results Indicate Growing Interest In Crypto From Institutional Investors

With CHF 316.9 million in income, Swissquote reported a 19.3% increase over the same period last year. Client assets hit a record high of CHF 68.0 billion as of 30 June 2024, with CHF 3.8 billion of that amount coming from new money in 2024.

Swissquote’s impressive performance in the first half of 2024 is indicative of broader trends in the cryptocurrency market. 

The tripling of its crypto revenue reflects a growing acceptance and integration of digital assets into mainstream finance. 

Going ahead too, Swissquote is well-positioned to continue its growth trajectory in the cryptocurrency market.

23% of the Swiss population owns crypto

A Bitpanda survey of more than 6,000 Europeans from Germany, France, Switzerland, Austria and Italy, showed that Switzerland emerged as one of the most crypto-friendly nations globally.

A substantial portion of the country’s population actively participating in the digital currency ecosystem.

The world's crypto geography presents an intriguing paradox

The world's largest blockchain protocols and foundations are clustered in developed crypto hubs, with 🇨🇭 Switzerland leading the pack:
🇨🇭 Switzerland
🇸🇬 Singapore
🇺🇸 United States

Why?

Regulatory clarity… pic.twitter.com/S5gJEoiaoI

— arndxt (@arndxt_xo) July 14, 2024

“In our research, we wanted to better understand how these factors are changing,” said Bitpanda. “Switzerland was the most crypto-friendly country, with almost a quarter (23%) of the total population already owning cryptocurrencies.”

Read more: Bitpanda Survey Says Switzerland Is The Leading Crypto-Friendly Nation

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.