Portugal to cancel benefits for cryptocurrency owners

The Portuguese authorities are considering the introduction of a tax on profits earned from investments in digital assets.

The proposal was made by the State Secretary for Taxes Antonio Mendes. «Some countries already have a tax system that allows them to levy taxes on cryptocurrencies. Some are just working on this issue, and we also have to develop our own system,» Mendez emphasized.

The official also stated that work in this direction has already begun and the experience of other countries, primarily the EU, is being studied. It is worth noting that there is a lot to learn from Germany, which has recently simplified the life of cryptocurrency investors and loyalized taxation.

Currently, digital assets in Portugal are treated as currency, not property, so individuals do not have to pay tax on investments in digital assets. That is why Portugal is home to a large number of crypto investors who want to invest legally and pay a minimum of taxes.