Portugal to start taxing “crypto assets”

Portugal to start taxing
Photo: Luis Feliciano - Unsplash

Portuguese news site Publico has reported that individuals who earn money via cryptocurrency or crypto assets will now have to declare their income, as a result of new legislation. 

According to the newspaper, up until this point there has been a “tax void” regarding crypto assets, allowing them to escape from the normal tax processes associated with assets. However, the country’s tax department, the Tributária e Aduaneira (AT), has proposed to the government that self-employed professionals should have to register their incomes and assets relating to crypto with the state. 

This would require the creation of a new category of “providers of services related to crypto assets” in the country’s self-employed tax registration. Within this range could be included people who either invest in virtual assets or those who decode algorithms on a digital platform that will correspond to crypto assets. 

Crypto assets are digital representations of values or rights that can be transferred and stored electronically. The value of these assets have fluctuated greatly due to market changes. The most popular type of crypto assets are cryptocurrencies, such as the popular BitCoin.

Thank you for taking the time to read this article, do remember to come back and check out the EuroNews247 website for all your up-to-date European news stories.