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Cryptocurrency will now be taxed in Portugal, which is considered to be the paradise of crypto trading. – News

The government of Portugal is preparing to impose a tax on cryptocurrencies. Until now, Portugal was one of the few countries in Europe where cryptocurrencies were not taxed. In a press meeting on Friday, the country’s Finance Minister Fernando Medina said that preparations are now being made to bring this matter under the purview of the law. The government wants to fill all the loopholes in its legal system that are preventing crypto from coming under the tax net.

AFP “We no longer want to leave this space (tax on cryptocurrency) empty,” Medina said. Although the Finance Minister did not give any deadline for this, but he said that the government will come up with a law on this at the earliest. He also said that the model that the government is adopting will be good for everyone and Portugal will still be a competitive destination in the field of crypto after that.

A law was enacted in the country by the Tax Administration in 2016, according to which Portugal does not consider cryptocurrencies as foreign currency or financial assets. Therefore, there is no tax on crypto trading in the country. Therefore, this country of Southern Europe is considered a paradise for cryptocurrency trading.

Not only this, neither Value Added Tax (VAT) nor Income Tax is levied on profits made on transactions of crypto assets in the country. The government levies tax only on such business activities which are paid in digital assets. That’s why investing in cryptocurrencies became very popular here, especially in the real estate sector.

Earlier this month, the first apartment was sold in Portugal that was paid for in bitcoin and that too without converting it into euros. This was a very unique deal in itself, in which real estate agency Zome sold a three bedroom house in the city of Braga. Its price was 1 lakh 10 thousand euros (about 90.5 lakh rupees). It was sold for 3 bitcoins. This was the first such deal in real estate, which was paid in digital assets.

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