Almost ten days after the Portuguese finance minister stated that cryptocurrencies could be taxed in the near future, another important decision has been made. Here are the details.
On May 16, Portuguese finance minister Fernando Medina said that several countries are building models around crypto taxation. The finance minister announced his commitment to start taxing crypto, noting that the government will work on the regulatory framework but refuses to commit to any time frame. He also argued that there should be no “gaps” in the country resulting in the non-taxation of certain earnings.
Prior to the announcement, the country was considered a rare “tax haven”. Cryptocurrency investors around the world saw Portugal as a suitable place to invest as there is no tax.
Additionally, Portugal has been at the forefront of digital asset adoption in general. Portugal currently only sees cryptocurrencies as a form of payment against digital assets.
New Offer Declined
In the latest development, which could be welcomed as a welcome move for crypto investors, the Portuguese government made an announcement on Wednesday. The country’s previous proposal to tax cryptocurrencies was rejected by Parliament.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.