Portuguese Parliament rejects bill to tax Bitcoin and Crypto

The Portuguese delegates debated the State Budget for 2022.

So far, various proposals have been rejected, and taxing cryptocurrencies is one of them.

The proposed taxation of cryptocurrencies is as follows:

“In 2022, the Government established an obligation to declare taxes on crypto-assets to tax income from a minimum threshold of 5000 euros.”

According to the economic newspaper ECO, these proposals were from the left-wing Bloco de Esquerda and Livre parties, but both were rejected.

However, the days of Portugal’s cryptocurrency tax exemption may be coming to an end. Earlier this month, Portugal’s finance minister announced his commitment to begin taxing cryptocurrencies.

In Portugal, one of the most crypto-friendly countries in Europe, trading digital assets is not considered investment income in this European country.

Because of the government’s friendliness, Portugal is an attractive country for cryptocurrency startups. More and more large companies are coming to Portugal to test their Bitcoin payments. The Chinese technology giant Xiaomi has officially introduced BTC, ETH, and some other coins into its payment options. The pride of the country is that the Portuguese football team has also recently embarked on a partnership with Socios for the issuance of Fan Tokens.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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