Portugal Looking to Implement 28% Crypto Tax

Portugal is recognized as one of the countries most friendly to cryptocurrency, however, it is now looking to incorporate a capital gain tax on it. Don’t start worrying just yet, as there is a caveat. The 28% tax will only be applicable from crypto that has been held for less than 12 months. If traders hold their digital assets for over a year, the tax would not be applied.

However, the taxation doesn’t end there. Within the budget draft proposal, Portugal’s Finance Minister also calls for a 10% transfer tax for crypto, along with a 4% levy (but only on brokers’ commissions).

These new regulations really come as no surprise since it is in line with what other countries in the EU are doing. As of now, the law is under a proposed budget, but it must wait for parliament approval to gain effect.