The Portuguese congress, Assembleia da Republica, has rejected two bills that would have imposed a tax on cryptocurrencies.
Portugal has long been regarded as a cryptocurrency tax haven, and the trading of cryptocurrencies has been tax-free since 2018. In addition, trading digital assets is not considered investment income in Portugal. This has attracted crypto startups and events to Lisbon, despite the fact that businesses that accept Bitcoin must pay income tax on it.
The Portuguese Minister of Finance, Fernando Medina, had recently declared that cryptocurrencies in the country will soon be subject to capital gains taxes. However, two separate bills from minor political parties to tax cryptocurrency assets were rejected by the Portuguese Assembleia da Republica.
The news was welcomed by Derek 'Isaac' Kaplan, founder of DuoVerse and VMining, who said that any "unreasonable taxation" would have been negative for the cryptocurrency sector's growth. He told Cointelegraph that:
"While...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...