Portugal Plans Cryptocurrency Taxation

Portugal is working on the establishment of laws that will allow it to tax digital assets.

Portugal has been touted as a crypto haven due to the absence of taxation.

The minister of finance of the country, Fernando Medina, made the plans known during a state budget discussion.

The Ministry of Finance had asked the Portuguese Tax Authority to study how crypto assets were taxed in other regions in 2021.

While the models by which cryptocurrency gains will be taxed are still unclear, Medina stated that these would be set up following the principles of “justice” and “efficiency,” aiming for a tax system that would not scare cryptocurrency investments out of the country.