Portugal Rejects Taxes On Crypto Assets

It’s no secret governments and central banks don’t like Bitcoin or the Crypto industry… but occasionally, even a blind squirrel can find a nut. 

Portugal’s government has successfully defeated new taxes being applied to crypto assets 

However, voices in the government are still trying to force taxes on cryptocurrencies. 

Crypto News' recent article covered this very topic.

“Earlier this month, the country's minister of finance declared his commitment to start taxing crypto, stating that the government would work on the regulatory framework, but declining to commit to any time frame.

He also argued that there shouldn't be any "gaps" resulting in certain gains not being taxed in the country.

Livre's proposal would see gains above €5,000 be taxed. Prior to the vote, Mariana Mortágua, a member of parliament with Bloco de Esquerda — who has been very vocal about crypto taxation — criticized the government for failing to find a way to tax crypto.

"Regardless of necessary future crypto regulations, our contribution to put an end to this offshore is to subject crypto assets to the same rate applicable to capital gains on equivalent income," she said.”

Portugal is witnessing the benefits of allowing the Bitcoin and crypto industry to flourish, create jobs, and build wealth in their country.

Nation-states that embrace Bitcoin rather than try to ban, tax, or punish those in the industry, will become economic powerhouses.

Countries such as El Salvador, the Central African Republic, and Ukraine are learning this and taking the risk to embrace Bitcoin.

Portugal should be commended for rejecting these taxes. Hopefully, the government continues to be crypto-friendly.