Portuguese Parliament blocks bill to tax crypto

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Portuguese policymakers recently submitted a bill to tax cryptocurrency, threatening to derail the country’s thriving crypto community. However, lawmakers blocked the legislation on Wednesday when presented before Parliament.

Portuguese news site ECO released the full video of the parliamentary session in which political parties Bloco de Esquerda and Livre had their bills rejected during a budgetary voting session. However, this may not be the last of the proposals to introduce taxation on crypto. Secretary of State for Fiscal Issues Mendonça Mendes recently stated,

“We are evaluating by comparing internationally what is the definition of crypto assets, which includes cryptocurrencies.”

Key members of the Portuguese government, such as Finance Minister, Fernando Medina, seem committed to changing the current system. Therefore, it seems unlikely that Portugal will continue to act as a tax haven for web3 digital nomads for much longer.

There appear to be no other crypto bills making their way through the Portuguese Parliament at this time. However, the results of the analysis of how other countries handle crypto regulation could lead to new crypto taxation proposals entering Parliament.

Journalist at CryptoSlate

Liam first got into crypto by mining Dogecoin after hours at his video production company in 2012. Since then he has become a ‘blockchain maximalist’ and subsequently, a web3 strategic consultant.