The Swiss Federal Tax Administration Aug. 27 issued guidance on the tax treatment of digital currency issued in initial coin offerings (ICOs) or initial token offerings (ITOs) and the tax consequences of ICOs and ITOs. The guidance also covers taxation for issuers and investors. The guidance covers property, income, corporate, withholding, and stamp tax treatments for: 1) native tokens; 2) asset-backed tokens; 3) debt capital tokens; 4) equity tokens; 5) participation tokens; and 6) utility tokens. [Switzerland, Federal Tax Administration, 08/27/19]

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