Swiss Federal Tax Administration Issues Guidance on Taxation of NFTs and Airdrops

On the 19 October 2023, the Federal Tax Authorities have updated their Guidance on the Taxation of Cryptocurrencies. The documentation, which is only available in English and French, includes now a section on the taxation of NFTs and Airdrops.  The sections are helpful to clarify the tax treatment, but they do not really contain any new or unexpected information about the tax rules.

Taxation of NFTs

  • Capital gains from the sale of NFTs held by a Swiss-resident individual as part of its private wealth is generally tax free.
  • Trading with NFTs could become taxable if its is conducted in a professional manner (similar to a securities trader).
  • Income (including royalties from a secondary market transactions) which a creator (e.g. Artist) generates from NFTs are taxable income (and usually constitute a gainful activity).
  • The guidance does not include the VAT treatment of NFTs.


  • Airdrops are usually used in a business context. Therefore the airdrop is a tax deductible expense for the issuer and a taxable income for the recipient.
  • Airdrops typically do not constitute gifts or lotteries (unless the very specific circumstance for such treatment would be fulfilled).
  • The guidance does not include the VAT treatment of airdrops.