Tether’s Swiss Entity Effort Failed to Materialize; Lugano Mayor Cites Tax Burden

Tether’s 2024 Swiss entity effort did not materialize, and Lugano Mayor Michele Foletti linked the result to Switzerland’s participation in the global minimum tax system of the Organisation for Economic Co-operation and Development (OECD).

Foletti said Tether executives did not want to take on the related tax burden.

Tether continued doing business in Switzerland through UBQ Services, a local technology consultancy that sold services for Tether. Tether Chief Operating Officer Claudia Lagorio is also a member of UBQ’s board.