Portugal May Soon Pass a Law on Crypto Traders Taxation

Portugal may introduce starting next year a 28% tax on income from transactions with digital currencies.

Portugal is included in the list of states where comfortable conditions for cryptocurrency investors have been created. If the local parliament passes a bill to tax the digital currency market, then the state may face a flight of traders.

The bill states that the tax will amount to 28%. However, the authorities have decided to increase the fiscal burden only on those investors who have purchased or held virtual currencies for less than 12 months.

The zero tax rate will remain for those traders who own coins for more than a year.

At the moment, only those transactions with digital currencies that are concluded by financial companies and investment funds are taxed in Portugal.