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Old 21.04.2017, 15:00
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Legality of Bitcoin trading in Switzerland?

Hello Forum,

Bitcoin has been in the rise for years now and adoption has increased a lot. Many people now buy into Bitcoin to hedge against market instabilities (like gold) and other trade it on exchange markets. For those who bought bitcoin here in Europe are familiar with exchange market Kraken, it is a very well known EU-based exchange market for bitcoin and other cryptocurrencies. They explicitly mention that they comply with the Swiss safe harbour agreement.

Quote:
U.S. – EU / SWISS SAFE HARBOR COMPLIANCE

Payward complies with the U.S.-EU Safe Harbor Framework and the U.S.-Swiss Safe Harbor Framework as set forth by the U.S. Department of Commerce regarding the collection, use, and retention of personal information from European Union member countries and Switzerland. Payward has certified that it adheres to the Safe Harbor Privacy Principles of notice, choice, onward transfer, security, data integrity, access, and enforcement. To learn more about the Safe Harbor program, and to view Payward’s certification, please visit http://www.export.gov/safeharbor/
If you have a complaint regarding Payward’s compliance with the U.S.-EU Safe Harbor Framework or the U.S.-Swiss Safe Harbor Framework, first contact us through support at https://support.kraken.com. Payward has elected to use JAMS arbitration as an independent recourse mechanism available to settle unresolved complaints regarding Payward’s Safe Harbor commitments. Please refer to the section titled “Applicable Law; Arbitration” in our Terms of Service https://www.kraken.com/en-us/legal
That said, I know that there are negative views towards cryptos like bitcoin, that they are used for money laundering or illegal activities, but thats the same with any currency, can be used for good or bad. I believe the world is getting a better understanding/adoption of cryptos and it is getting more regulated. I am curious to know what is switzerland's stance towards trading in big well known exchange markets such as Kraken. Is there anything illegal here? Also, what about banks here such as Postfinance, say I would like to make a wire transfer to fund my account in Kraken, is that considered to be malicious? Especially that Kraken is well known here in Europe, and should have a well established reputation!

I would doubt that, but always better to be in the safe side and understand how the regulations work here.

Any insights/references/information would be highly appreciated

Thank you guys!
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Old 23.04.2017, 09:17
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Re: Legality of Bitcoin trading in Switzerland?

It's not illegal- some cantons even accept payments in Bitcoin!
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Old 23.04.2017, 15:14
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Re: Legality of Bitcoin trading in Switzerland?

Bitcoin is definitely legal here. Last year Vontobel issued a tracker certificate that's based on Bitcoin, Valor 32760611. It expires mid-2018 but Vontobel calls it a huge success so they'll probably issue a successive product.
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Old 23.04.2017, 19:26
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Re: Legality of Bitcoin trading in Switzerland?

I have deposited and withdrawn via Kraken several times. UBS have for sure never questioned me about it.
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Old 12.07.2017, 14:16
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Re: Legality of Bitcoin trading in Switzerland?

Given that certain Kantons now accept BTC payments, and companies like SBB and UBS are embracing them, I personally believe that the potential doubts about crypto-currencies long term are beginning to recede.

The bigger issue now may be which ones to actually support - lots of choices currently, and those choices will expand in number for sure, but which ones genuinely have a long term payments and/or investment future and are not just short term scams or narrow-demand niche products can be difficult to say.
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