Portugal is changing its course, in the context of tax regulation of mining and implementation of crypto?

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Ultramining.com

09:00 Oct 13, 2022

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Portugal is changing its course, in the context of tax regulation of mining and implementation of crypto?

Can Portugal change its status from a crypto-friendly country to a state that decided to profit from miners? Let's look into it.

Portugal has always been a place where crypto mining was considered profitable. But for a long time, the government of this state changed its policy with regard to tax obligations. They were imposed on people who engaged in mining or virtual currency transactions.

Now an additional fee will be charged for crypto that is withheld for less than twelve months.

Based on the information provided by Bloomberg, the Portuguese authorities insist that the innovations will be in line with the legal acts that concern the regulation of virtual coins of other European countries. Germany is given as an example. There, crypto owners are exempt from taxes if the crypto is in their possession for more than a year.

According to politicians, this system of taxation of virtual coins, which will function in Portugal, fits into the local legal framework. And also meets the high standards maintained in the European Union.

By the way, you will still not pay tax in Portugal for holding virtual coins for more than a year. While the issuance of new crypto units and other mining operations qualify as taxable income.

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