Cryptocurrencies and Secrecy
Many customers of Swiss banks in recent years have found that their reliance on Swiss banking privacy laws was unjustified.Swiss banks entered into agreements with U.S. taxing authorities whereby the banks agreed to provide detailed information on accountholders in exchange for avoiding criminal prosecution. The banks were also required to pay fines, but it was the information about customers that has been especially valuable to U.S. taxing authorities who can use the details that the banks provide to go after investors who failed to follow the rules for declaring and paying taxes on offshore accounts.
A Boston tax evasion attorney can provide representation and assistance to any accountholders who had their funds in Switzerland and who are concerned their financial information may have been provided to the government. There are amnesty programs it may be possible to take advantage of in order to reduce penalties, and an attorney can explain what your best course of action may be.
As taxpayers cope with the fallout of the betrayal of trust by Swiss banks, financial institutions in Switzerland have been left without the competitive advantage that their strong banking privacy laws long provided. reports that many financial institutions in Switzerland are embracing a new competitive edge over rival financial markets: the development of a cryptocurrency cluster.
Will Cryptocurrencies Provide Swiss Banks With their Competitive Edge
Financial institutions in Switzerland have been forced into exploring alternative ways to develop a competitive advantage now that they're no longer able to rely on strict privacy laws to draw in foreign investors.
Many financial institutions have found their competitive advantage in the cryptocurrency marketplace. For example, Bitcoin Suisse has become established as one of the best-known brokers of bitcoin throughout the world, while Falcon Private Bank has been approved for crypto asset management and has paved the way for the Swiss banking industry to offer investments in a new class of assets.
Swiss financial institutions could be successful within the cryptocurrency industry for many reasons, including crypto-friendly rules established by Switzerland's financial market supervisor. Cryptocurrencies are also becoming more entrenched in Switzerland than anywhere else worldwide.In Zug, which is being called the crypto capital of the world, there are numerous foreign brokers, providers, and trading platforms that have opened up shop— and Zug is wildly accepting of Bitcoin, as it was actually the first place in Switzerland to allow taxes to be paid using the cryptocurrency.
As Swiss banks develop new lines of business and make names for themselves in the cryptocurrency marketplace, taxpayers who have been adversely affected by the Swiss banks who failed to follow privacy laws will need to reach out to a Boston tax evasion attorney to find out what their options are for trying to reduce the financial consequences of the bank's disclosures.If you had a Swiss bank account and you could potentially face consequences for not disclosing it or for not paying taxes on the income, you should contact a Boston tax evasion attorney for help as soon as possible.