Posted 3 years ago | by Ben Armstrong
Portugal Becomes Tax Free Crypto Haven
The Portugal Tax Authority has announced its rules and regulations for its crypto tax laws. The filing shows that all crypto transactions & earnings are going to free from the country's Value Added Tax (VAT). Portugal, located on the Western tip of Europe, may soon become a haven for crypto enthusiasts everywhere. This is a positive sign for those who hold digital assets.
While the United States, the UK, Germany, and several other powerful countries in the world try to sort out their tax laws regarding cryptocurrency, Portugal has now established itself as a blockchain friendly country. The document, written in the country's native Portuguese, lists several regulations freeing crypto traders from having to worry about complicated crypto taxes.
BitBoy Crypto has translated the document into English HERE.
Here are some of the highlights from the document containing crypto tax laws:
The creation of cryptocurrency in the form of mining will be tax free
Cryptocurrency is now a legal payment and can be spent at any vendor who chooses to accept it
The 11 Portuguese provinces will follow this national law
Transacting & trading with cryptocurrency is also tax exempt
While there have been several counties seen as blockchain friendly, none have take the step of becoming a completely tax exempt country in terms of crypto. Switzerland, Malta, France, and Singapore, are among the countries that have dedicated a lot of resources toward clearing up blockchain regulations, but crypto tax laws vary across the world.
Many countries of the world have their eyes on the United States. They would like to see how American regulations develop before establishing their own regulations. The US has recently had many hearings in Washington DC concerning Bitcoin and Facebook's Libra. The SEC, CFTC, & legislators in America are all trying to work together to find solutions to regulating the emerging technology of blockchain. However, to date there has been nothing concrete ironed out.
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