Portugal has been making waves in the cryptocurrency world with its progressive approach to the technology. The country has been praised for its forward-thinking attitude towards digital currencies, and its willingness to embrace the potential of blockchain technology.
The Portuguese government has been actively encouraging the use of cryptocurrencies, and has taken steps to ensure that the country is well-positioned to benefit from the technology. In 2017, the government passed a law that recognized cryptocurrencies as legal tender, and allowed them to be used for payments and investments. This was a major step forward for the country, and has helped to create a more favorable environment for cryptocurrency businesses.
The government has also taken steps to ensure that the country is well-prepared for the future of cryptocurrency. In 2018, the government launched a blockchain-based platform that allows citizens to securely store and transfer digital assets. This platform is designed to make it easier for citizens to use cryptocurrencies, and to help the country become a leader in the field.
In addition, the government has been working to create a regulatory framework for cryptocurrencies. This framework is designed to ensure that the industry is well-regulated, and that investors are protected. The government has also been working to create a tax system that is fair and equitable for cryptocurrency businesses.
Overall, Portugal’s approach to cryptocurrencies has been nothing short of brilliant. The country has taken steps to ensure that it is well-prepared for the future of digital currencies, and has created a favorable environment for businesses in the industry. This forward-thinking attitude is sure to pay off in the long run, and will help to ensure that Portugal remains at the forefront of the cryptocurrency revolution.
39 thoughts on “The Brilliant Way Portugal Has Handled Cryptocurrencies”
>**This means that the Government wanna benefit the HOLDERS and tax the TRADERS.**
This is the approach we need !
Not SECs of the world hell bent on exterminating Crypto
Ok then I’m moving to Portugal
Very nice news to hear
I wish whole EU would be like Portugal when it comes to crypto
This could also cause people to realise more losses than they have to by trying to hold for a year before realising their profit. This goes especially for scams.
Portugal, here I come
They can 28% this -$3478 in my portfolio.
Great news, I totally wasn’t expecting that. I read that you will be taxed 28% and I was like “fuck” but then I read about the rule that will bi applicable to only crypto owned for less than a year. Seriously wasn’t expecting that.
Enjoy Portugal, SIUUUUUUUUUUUUUUU!
Portuguese here. What you said is correct – they want to benefit Holders and tax Traders. However, those taxes only apply when you sell to the currency (EUR).
So if you buy BTC, sell for USDT, use that buy ETH, sell for USDC, use that to buy whatever you desire, you never get taxed, because you never sold to EUR
Doesn’t Germany have a similar 1 year rule? Here in Belgium we also have “good housefather rule” where if you bought and held some bitcoin long term there’s no tax
Love to see this coming from natives!
Gotta love Portugal. Drugs n crypto. Literally my life legalized xD
How do they check for how long you hold?
So sad that it contrast drastically with Spain, where you have to pay taxes no matter what time of holding and gains/losses
I’ve always found this a bit confusing. Imagine I have a long term holding in Bitcoin but then I decide to day trade it so I buy some Bitcoin on the day and I also sell Bitcoin at the end of the day but the amount is still way less than my long term holding. Couldn’t the sold Bitcoin just technically be part of the long term holdings and thus not be subject to that 28% tax? Bitcoin is Bitcoin.
So basically nothing changes… HODLers will earn and Traders will lose even more now
Perfect approach. Tax the traders, so there won’t be stupid people trading much.
Relief to hodlers, because long term hodling is best for crypto at the moment.
Learning from Germany, it’s an interesting move from countries. Genuinely can’t see how it benefits them, but it does benefit the people.
This is great, but unusual – credit where credit is due governments!
Portugal is great. It is only outshined by the recent crypto regulation changes in El Salvador. Can’t beat 0% tax
It’s great but Crypto+ golden visa program are driving the price of real estate on insane levels
I’m going to Porto next week. I was planning to drink wine and eat loads of seafood, but maybe I’ll just buy loads of crypto instead
So what’s some of the best places to live in Portugal? Seriously tempted 🙂 also any idea on the income tax from crypto?
I like it. Get a team on it, make it happen.
Until they change it. As they changed it from 0 to 0 for more than a year.
Looks like we’re going to Portugal bro’s!
Myself being from Portugal, I gotta say I am pissed with this new law. It’s better than tax anytime of the day though.
portugal figured out their dr*g problem aswell, so this guy probably knows what’s up
Fellow PT here, even tho there are still some doubts on it (regarding staking etc), it’s a fair approach.
Great news crypto held over a year is not subject to tax, relief for long term holders.
Let’s move to Portugal!
Sounds like an awesome approach, most of all pretty simple. Would love to see easier ways to pay tax on crypto.
How does this work out if you swap from wallets? Does it reset the year countdown or do you have to prove that you owned both the wallets?
This is awesome! I really wish my country had the same approach
Someone mentioned that apparently you only get taxed when selling the token to euros which is even better in my opinion.
They haven’t set a specific date for this to enter into law though right? All I’ve heard is 2023.
The current party leader in Portugal, they kinda want to change this, people just hate things when they can’t understand what is about, let’s see how it’s going through time
So uh… how strict are immigration laws in Portugal? Asking for a friend …. (All crypto bros)
Portugal is on my short list for places to retire once moons take off.
I’m not sure why you think it’s a positive to not require cryptocurrency to follow the same financial rules as everything else. All that does is invite the wealthy to cheat the system.
I love Portugal. Used to live in Lisbon. I miss it. I Always thought of it as Europe’s mini California.