A move that could lead to an overhaul of the tax-free crypto regime
Portugal is considering levying taxes on cryptocurrencies, suggesting a policy shift for one of Europe’s most crypto-friendly countries.
The country’s lack of legislation, combined with its low cost of living and mild climate, has attracted an increasing number of bitcoin startups in recent years.
Portugal does not tax profits from cryptocurrencies
“The administration intends to pass legislation on this subject.” Portugal will implement an efficient and equitable framework that is consistent with international best practices and the country’s competitiveness, “said Fernando Medina, Portugal’s finance minister.
In Lisbon, where networking opportunities range from the yearly Web Summit, one of the world’s major technological conferences, to monthly informal bar events, the presence of crypto enthusiasts is evident.
The number of foreigners living in Portugal has increased by 40% in the last decade, according to the National Statistical Institute of Portugal.