Cryptocurrency Transactions in Portugal Will not Be Taxed

The attitude to cryptocurrencies in different jurisdictions is very different. For example, India is doing everything to completely exclude the possibility of working with digital money, while China has not imposed official bans yet, but has made life difficult for investors. However, some countries are positive about Bitcoin and other crypto assets. For example, the Portuguese government has decided not to tax financial transactions with cryptocurrencies.

The country's authorities officially recognized BTC as a means of payment on a par with the Euro, and accordingly, VAT taxation in relation to the cryptocurrency cannot be applied. Similarly, traders are not required to pay value-added tax on the sale of digital assets. This automatically makes Portugal one of the most convenient countries for doing business related to Bitcoin or other cryptocurrencies.

Some other countries want to follow the example of Portugal. For example, the Singapore government is also considering recognizing BTC as a means of payment and waiving VAT on digital assets. The corresponding bill is already being prepared, and tentatively it will be considered at the beginning of 2020.

Law&Trust is ready to become a reliable partner for any investor who wants to register a crypto business in Portugal. Our experts will tell you about the features of taxation in the jurisdiction and take all necessary measures to register a legal entity.