Portuguese news publication ECO reported that the government plans to introduce new rules on cryptoassets.
Finance Minister Fernando Medina said that crypto-assets will soon be subject to taxation.
Portugal’s tax authorities are now studying the experience of other countries to make recommendations for a new legal framework.
“Some countries already have systems in place. Several countries are building their models in this matter, and we are going to build our own,” Medina said.
Currently, Portugal does not view cryptocurrencies as an asset, but as a currency. Thus, businesses that provide cryptocurrency services are taxed, while individuals investing in them are not. Medina suggested that this has more to do with a gap in the regulatory system than the actual design of the regulation.
Following Medina’s comments, Secretary of State for Fiscal Affairs Mendonza Mendez also floated the idea of imposing VAT and stamp duty on cryptocurrencies.
The government has not yet announced a specific deadline for the new rules.