Portugal wants to tax profits from trading in cryptocurrencies in the future. That comes from one government report out. Anyone who sells Bitcoin and Co. for less than a year at a profit should in future give 28 percent to the state. Additionally, Lisbon plans to introduce a 4 percent tax on free crypto transfers.
The move comes as no surprise. Finance Minister Fernando Medina had already announced a corresponding step in May. Portugal has long been considered a tax haven for crypto companies due to a lack of regulation. However, those times seem to be over now. The government is currently working on a comprehensive set of rules that will provide a regulatory framework for cryptocurrencies. In addition, the EU regulatory initiative MiCA increases the pressure on Lisbon.