News

For Crypto Refugees, Lisbon Has Become A Safe Haven

Lisbon Has Become A Safe Haven

Yarotska’s employer is NEAR, a crypto blockchain company having a Ukrainian co-founder, that recently set up an office in Europe’s westernmost country, Portugal. The company has become a supporter of Ukrainian refugees fleeing the country in the aftermath of Russia’s invasion, and Yarotska feels right at home there. “I have a lot of colleagues here,” she said from her temporary dwelling in Lisbon last week. “They’ll help me legalize my documents so that I can stay.”

Portugal is one of many western European countries providing refuge to displaced Ukrainians, but holds particular appeal for workers in the crypto industry, having been established as a hub with no taxes on digital currency profits. Affordable homes, mild temperatures, and an established Ukrainian community have also attracted crypto enthusiasts, with the Ukrainian community being the fifth-largest group of foreign nationals in the country before the Russian invasion.

Since Russia’s attack on Ukraine, Portugal laid out the red carpet for 13,000 Ukrainians fleeing the devastation in their homeland, simplifying and expediting the requisite entry procedures. The Portuguese Immigration and Border Services has said that this is about the same number of Ukrainians that entered the country between 2015 and 2021, bringing the total to 40,000 as Ukrainians become the third-largest group of expatriates, following the Brazilian and British contingents.

Portugal is a big market, says software developer

One software developer, Valentin Sotov, after fleeing his homeland with just a backpack and a laptop, sees Portugal as a key market for the crypto industry. He is developing a crypto-based metaverse game, Amber, and sees Portugal as “a big opportunity for our product because we can work with a lot of IT people in one place.”

Indeed, Portugal hosts the annual Web Summit, an important technology conference, and informal convocations at bars to discuss hot crypto topics.  Portuguese entrepreneurs have founded a small number of private crypto startups, worth over $1B. Anchorage Digital, a digital asset bank with offices in northern Portugal, has a Portuguese founder.

Stephen Morais, a managing partner at Indico Capital, a venture capital firm funding Web3, fintech, and artificial intelligence startups, belongs to Telegram group with 250 crypto investors whose sights are set on Portugal.

Many crypto enthusiasts join from Spain

Crypto adherents from Spain are jumping across the border into Portugal, following the Spanish government’s ruling that all crypto holders need to declare their holdings to prevent tax evasion.“Two out of every three people who come to consult me leave,” said Maria Extremadouro, a lawyer in Vigo, Spain, specializing in blockchain and crypto legislation. “There’s lots of talent leaving for Portugal.”

It may be awhile before Ukrainian expatriates feel at home because of the language barrier and unfamiliar surroundings, but Yarotska has found a home and a school for her daughter. “I think it’s safe to say I’m fine,” said Yarotska in a Telegram message this week.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

40 minutes ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

1 hour ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

2 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

2 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

3 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

4 hours ago

This website uses cookies.