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Europe’s Most Crypto-Friendly Country Makes Sudden U-Turn

Mon, 10/10/2022 - 20:03
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Alex Dovbnya
Portugal has decided to tax cryptocurrency gains
Europe’s Most Crypto-Friendly Country Makes Sudden U-Turn
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Portugal, which is considered to be the most crypto-friendly country in Europe, has made a decision to tax cryptocurrency gains, according to a Monday report by Bloomberg.

Portugal has attracted plenty of digital nomads by not subjecting cryptocurrency transactions to taxation.

However, the country has now made a major U-turn by including a provision in its proposed budget that would tax gains on those cryptocurrency purchases that are held for less than a year. Cryptocurrency taxes held for a longer period of time will not be subjected to taxation.

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It should be noted that the draft budget hasn’t been approved by the parliament just yet.

Portugal insists that it is now on the same page with the rest of Europe when it comes to taxing cryptocurrency gains.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at