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Hardly ten days after the country’s finance minister indicated that cryptocurrencies could be taxed in the near future, Portugal made another key decision. The latest move on Portugal crypto tax comes after the government placed its budget for 2022 in its Parliament on Wednesday.
Portugal, The Crypto Tax Haven
On May 16, Portuguese minister of finance Fernando Medina said several countries have been building models around crypto taxation. Prior to the announcement, the country had the rare distinction of being a ‘tax haven’. Crypto investors around the world considered Portugal a convenient place to invest as it had no tax on crytocurrencies.
Also, Portugal has always been at the forefront of crypto adoption. In January 2022, the first physical store https://coingape.com/portugal-opens-first-physical-store-for-buying-and-selling-of-bitcoin/ that allowed buying and selling cryptocurrencies in Portugal had opened.
Portugal also considers cryptocurrencies to be a form of payment as against mere digital assets. This adds to Portugal’s overall status as a crypto-friendly country, alongside El Salvador.
New Proposal Rejected
In a latest development that could come across a welcome move for crypto investors, the Portuguese government made an announcement on Wednesday. The country’s earlier proposal to tax cryptocurrencies has been rejected by the Parliament.
