Portugal Makes Turnaround on Crypto-Friendly Taxes

Portugal plans to tax crypto gains less than a year after being considered one of the most crypto-friendly countries for a long time. The country is trying to follow the rules and legislations of other European countries such as Germany. The rules go that crypto investors pay taxes if they hold crypto investments for more than a year.

In addition to that, mining operations and issuing crypto assets will be considered taxable income. The secretary of state tax affairs, António Mendonça Mendes, said this plan would fit into their tax system.

Crypto investors from Spain rad run to Portugal to escape the heavy duties on their assets. This condition had made Spain almost a crypto dessert. However, Portugal seems to have grown keen enough to put crypto regulations in line with the EU nations.