Crypto Valley is the blockchain cluster of Switzerland and Liechtenstein, centred on Zug. It is not a regulator and not a licence. The duty to join an anti-money-laundering self-regulatory organisation (SRO) comes from Article 14 of a federal act, which sets no cantonal condition, so a Zurich or Geneva company takes the same route as one in Zug. Zug adds density, a local SRO and tax invoices payable in Bitcoin or Ether.
Four numbers on Crypto Valley before you pick a canton
This page is part of the Swiss SRO route guide and answers one question: what choosing Zug does, and does not do, for a licensed crypto business. For the admission steps read the complete Swiss SRO application process; for the money, what a Swiss SRO licence actually costs.
Key points
- The Crypto Valley Association is an independent, non-governmental association. It licenses and supervises no one.
- Crypto Valley counts 1,766 active blockchain companies; Zug hosts 41% of them.
- SRO affiliation is required by Article 14 of the federal Anti-Money Laundering Act, with no cantonal condition.
- Zug accepts Bitcoin and Ether for cantonal tax invoices up to CHF 1,500,000.
On this page6 sections
What is Crypto Valley in Zug?
A name for an ecosystem. According to the Crypto Valley Association, Crypto Valley was started by Johann Gevers in 2013; the association itself was established in 2017 and is run by volunteers and a small team, with 8 board members elected each year. The Canton of Zug's economic promotion office describes Zug as the birthplace of Ethereum and Bitcoin Suisse.
The association grants no authorisation. In Switzerland, authorisation and supervision come from FINMA and the SROs it recognises; see FINMA in our glossary.
How many crypto companies are in Zug?
Zug hosts 719 of Crypto Valley's blockchain companies, 41% of the cluster, according to the 2025 edition of the investor CV VC's annual report, which defines Crypto Valley as all of Switzerland and Liechtenstein. CV VC's April 2026 report counts 1,766 active companies in total, up 134% since 2020, with Zug still at 41% and Zurich at 15%.
Where Crypto Valley's companies are, by canton
| Canton | Blockchain companies |
|---|---|
| Zug | 719 (41%) |
| Zurich | 264 (15%) |
| Ticino | 103 |
| Geneva | 85 |
| Neuchâtel | 85 |
| Lucerne | 72 |
Zug is where the money concentrates. In 2025 Crypto Valley raised $728mn across 31 deals, and Zug accounted for 20 of the 31 deals and 88% of disclosed capital. Mathias Ruch, founder and CEO of CV VC, put it this way: "Nearly half of all European blockchain investment is now flowing into Crypto Valley." Yet about 59% of the companies are outside Zug, and the 2025 report notes that every Swiss canton has blockchain companies.
Do you need to be in Zug to get licensed in Switzerland?
No. Whether you must join an SRO depends on what you do, not where you sit. The duty comes from Article 14 of a federal act, which sets no cantonal condition, so a company in Zurich or Geneva follows the same route as one in Zug. Whether you are admitted or licensed is the SRO's or FINMA's decision.
The Anti-Money Laundering Act, a federal act of 10 October 1997, treats as a financial intermediary anyone who on a professional basis accepts or holds assets belonging to others or helps invest or transfer them (Article 2(3)). Article 14(1) requires those intermediaries and advisers to be affiliated to an SRO; that wording has applied since 1 October 2026. The conditions in Article 14(2) concern internal organisation, reputation, management and qualified participants. None mentions a canton. See SRO and AMLA in the glossary.
FINMA states that such intermediaries are supervised by the SROs where they are affiliated, and not by FINMA. If you need FINMA's FinTech licence instead (public deposits or crypto-based assets up to CHF 100 million, not invested and with no interest paid), one requirement is a registered office and business activities in Switzerland, and it is not tied to Zug. If you may need a future FINMA licence, read whether SRO membership will be enough.
What does choosing Zug actually change?
Choosing Zug changes the ecosystem and the payment options, not the licence rules. The SRO duty, the Swiss-resident representative and the minimum capital are the same in every canton. What Zug changes is which commercial register you join, whether you can pay cantonal tax in Bitcoin or Ether, and whether an SRO's office (VQF) is nearby.
Zug versus any other Swiss canton
| Question | In Zug | In another canton |
|---|---|---|
| SRO affiliation duty | AMLA Art. 14 | Same |
| Swiss-resident representative | Required (CO Art. 718(4) / 814(3)) | Same |
| Minimum capital | CHF 100,000 AG / CHF 20,000 GmbH | Same |
| Commercial register | Zug's register | That canton's register |
| Tax invoices in BTC or ETH | Cantonal invoices, up to CHF 1,500,000 | Not covered by Zug's scheme |
| Local SRO office | VQF is in Zug | The statute sets no cantonal condition |
Under the Code of Obligations, a company limited by shares must be able to be represented by one person resident in Switzerland, a board member or executive officer with access to the share register (Article 718(4)); a GmbH needs a resident managing director or manager (Article 814(3)). Capital starts at CHF 100,000 for an AG (Article 621) and CHF 20,000 for a GmbH (Article 773). Directors, office and AML officer in more detail: local substance requirements explained and minimum capital.
VQF is a FINMA-recognised SRO at General-Guisan-Strasse 6 in Zug. It began as a quality-assurance body for the Zug financial centre and has operated as an SRO since 1998; its members include payment service providers, credit providers, investment companies and independent asset managers.
Can you pay taxes in Bitcoin in Zug?
Yes. Since February 2021, individuals and companies liable to tax in Zug can pay cantonal tax invoices in Bitcoin or Ether, up to CHF 1,500,000 per invoice, according to the Zug cantonal tax administration. It changes how you pay, not what you owe, and not what your licence requires. The limits:
- The cap was raised from an original CHF 100,000.
- Only invoices from the cantonal tax administration qualify; taxes invoiced by communities, such as property gains tax, do not.
- An invoice paid in crypto must be paid in full in crypto.
- Bitcoin Suisse charges a 1% exchange fee and pays the canton in Swiss francs, value date T+1.
Frequently asked questions
Is the Crypto Valley Association a regulator?
No. It describes itself as an independent, non-governmental association run by volunteers and a small team. Supervision for anti-money-laundering purposes comes from a FINMA-recognised SRO or from FINMA.
Can a company in Zurich or Geneva join VQF?
Yes, it can apply. Article 14 of the Anti-Money Laundering Act sets no cantonal condition; it looks at the business, its organisation and its people's reputation. Whether an SRO admits you is its decision, and we promise nothing about it.
How concentrated is Crypto Valley in Zug?
Zug hosts 41% of Crypto Valley's 1,766 active companies, and in 2025 it took 20 of the cluster's 31 funding deals and 88% of disclosed capital.
Based on Swiss federal law on Fedlex, FINMA, VQF, the Canton of Zug, the Crypto Valley Association and CV VC, all read on 6 November 2026. This is general information, not legal or tax advice. CryptoLicense is a brand of CL GLOBAL SDN BHD (1421939-T); Swiss SRO membership applications are one of its core services. Whether a licence is granted, and how long a regulator takes, is entirely at the regulator's discretion and we promise neither. See jurisdictions and entity proof.