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Portuguese Parliament Rejects Proposal to Tax Bitcoin and Cryptocurrencies

The Portuguese delegates debated the State Budget for 2022.

Various proposals have been rejected so far, taxing cryptocurrencies being one of them.

The proposal to tax cryptocurrencies is as follows:

In 2022, the Government establishes a tax declaration obligation on crypto assets to tax income from a minimum threshold of 5000 euros.”

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

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

Portugal, one of Europe’s most crypto-friendly countries, digital asset trading is not considered investment income in this European country.

Because of the friendliness of the authorities, Portugal is an attractive country for crypto startups.