Portugal Will Start Taxing Cryptocurrencies

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Portugal has been a country with a neutral attitude towards the digital asset industry for quite some time. However, the country’s Finance Minister Fernando Medina has officially announced the Portuguese authorities intend to introduce a tax on profits from digital assets in the near future.

The first mention of cryptocurrencies in local legislation dates back to 2016. Then, the authorities excluded cryptos from the list of legal tender, which automatically exempted citizens who receive income from virtual money from paying tax. In turn, the recent statement by the head of the Ministry of Finance about upcoming innovations should eliminate the very “long-standing” law, equating digital assets with legal means of payment.

According to a recent post on the website of local news outlet Sapo, the idea of ​​taxing cryptocurrencies has attracted support from other officials.

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