No Tax for You: Why Crypto Traders and Miners Might Head to Portugal

Zero taxes for crypto traders and miners: Is Portugal poised to become a Bitcoin tax haven

Taxes in Portugal before 2017

Although crypto taxes in Portugal may now be seen as friendly, allowing retail traders to benefit from a zero-VAT policy wasn’t always the case. In the past, the outlook on Bitcoin and its taxation and regulation was either uncertain or negative. Back in 2013, Banco de Portugal — the country’s central bank — issued a statement warning users of the risks of crypto trading, given the lack of a central authority and “protection fund for depositors/investors.” The statement read:

“Since there is no central entity that guarantees the irrevocability and definitiveness of payments, Bitcoin cannot be considered a safe currency, given that there is no certainty in its acceptance as a payment method.”

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