1. indu4.0 Presents Its New Solutions to Persistent Problems in the Global Economy
  2. Here are the Benefits of Auditing Your Smart Contract with SolidProof
  3. Most Anticipated P2E Game Race Kingdom partners with Leading DeFi company Ferrum Network
  4. Volt Inu (VOLT) Listing on Gate.io While Their Marketing Strategy Continues to Grow
  5. Terra Classic (LUNC) explodes: +67%! Is the Terra Revival coming?
  6. Tax fraud! Bitcoin bull Michael Saylor in the focus of the authorities
  7. John McAfee: Is death just a fake? What’s up with the rumors?
  8. Fan Token pumps – these sports cryptocurrencies are already available plus 2 exciting alternatives – Coincierge.de
  9. Bitcoin weak and directionless – next stop $17,000?
  10. Much better than expected! Bitcoin is Really That harmful to the Environment
  11. BudBlockz wants to build a community like DOGE – Coincierge.de
  12. This crypto investment could bring 3500% return in the next 12 months – why Tamadoge is the meme coin of the future – Coincierge.de
  13. +10% in 24h! Is the rally for The Merge starting?
  14. Saudi Shiba Inu Coin (SAUDISHIB): Crash after price explosion!
  15. Trading volumes on 157 fake exchanges – new analysis
  16. Bitcoin whales are currently selling their Coins massively
  17. The Legends of Bezogia Beta Launches on Aug 30th 2022
  18. BC.GAME partners with eSports organization Cloud9
  19. High profits in online casinos are quite possible
  20. Discover COSMOS with 1xBit – Coincierge.de
  21. Why Ethereum Is an Attractive Investment Now
  22. Bitcoin is on an Uptrend after panic sales – will BTC pump now?
  23. Should you buy Lucky Block V1 or V2 now? – Coincierge.de
  24. Almost $1 million ripped off! NFT Marketplace SudoRare suddenly goes offline
  25. Battle Infinity (IBAT) before new stock market listing
  26. Now the crypto markets are threatened with new pain
  27. Galaxy Digital Announces 10% Public Float Buyback Program
  28. Cardano bear finally crossed over: here you buy Cardano
  29. NFT Signals: Trading Platform Gains New Partner – Reaches 18.5 million USD Total Group Profit – Coincierge.de
  30. Former Crypto Boss of Facebook Launches Bitcoin Startup
  31. The role of Crypto at the World Economic Forum in Davos 2022
  32. KuCoin is the native token of the KuCoin Community Chain (KCC)
  33. Top-DEX Uniswap blocks 253 crypto addresses! What’s behind it?
  34. Chelsea Football Club Partners with Crypto platform WhaleFin
  35. Crypto Market 7 Times Bigger than Before Covid
  36. China ranks 2nd in Global Bitcoin Mining Hashrate
  37. Receive crypto coins anonymously with UniJoin’s Bitcoin Mixer
  38. LimeWire signs partnership with Universal Music
  39. Three countries that could adopt Bitcoin as legal Tender
  40. Here you can buy Tron
  41. Bitcoin and Ethereum crash in double-digit percentage range
  42. Sneakmart and StockX Collaborate on Sneaker NFTs
  43. Portugal imposes 28% tax on Bitcoin and crypto
  44. Cryptos in the green despite declining forecast
  45. Cardano (ADA) could crash another 14– – here’s why
  46. Ripple Funds Carbon Market Technology with $100 million
  47. Argentina’s largest Private bank Now Offers BTC and ETH
  48. Binance has stopped Solana withdrawals for a short time
  49. Bitcoin is in danger of a new crash – even below $17,700
  50. Crypto Casinos and Online Gambling with CoinsPaid
  51. Germany Publishes First Tax Guide for Crypto
  52. Cryptos in the Green, Dogecoin Rises by 26 %
  53. Bitcoin and Ethereum Futures Dominate Spot Markets Again
  54. WisdomTree Launches Solana, Cardano and Polkadot ETPs in Europe
  55. Is Ethereum Merge Still on track for August?
  56. Cryptos Mixed, Strong Day for Dogs-Meme-Coins
  57. GameFi and DAOs have brought Solana (SOL) strong growth in Q2
  58. Solana Project Announces $9.1 Million in Funding
  59. Ripple Adds Former White House Adviser to Board
  60. Solana shuts down for the eighth time this year
  61. Where can I buy Wing Finance Coins?
  62. Ripple’s XRP Signals Massive Rally – Is a New Bull Run Coming?
  63. Seedify Announces Cross-Chain Integrations with the Ethereum Network
  64. Get Top Notch Smart Contract Audit and KYC Services for your Crypto Project with Solidproof
  65. SYLTARE Set to Launch NFT Trading Card Game on August 18th
  66. Swap TC Gets Into Data Analytics with SafeMarketCap
  67. The FishVerse Announces the First Ultimate Fishing Metaverse
  68. Volt Inu Set to Launch the Volted Dragons Sailors Club NFTs on the Market
  69. Legends of Bezogia Reveals Sustainable Play2Earn Mechanics By Publishing Breakthrough Whitepaper
  70. Shibnobi Builds On Its Gains, Announces Whitelist SweepWidget Contest For $Shinja Holders
  71. Inaugural ZENCON a resounding success
  72. Gulf Xellence announces the most exciting and largest CRYPTO FEST 2022 to be held on 19th – 20th October in Dubai,UAE
  73. ‘Baby Shark BubbleFong Friends’ NFTs made a splash on Binance NFT
Portugal imposes 28% tax on Bitcoin and crypto

Portugal’s finance minister has announced that cryptocurrency enthusiasts will have to consider a 28 percent capital gains tax. A date for the entry into force of this new tax has not yet been announced.

When is the party over?

For a long time, the crypto community considered Portugal the promised land, because the government was lenient towards cryptocurrencies. Many have therefore moved with their cryptos to the warm climes of the southern European country.

According to the Portuguese news media ECO, Finance Minister Fernando Medina announced at a meeting of the Portuguese parliament that crypto assets in the country will soon be subject to capital gains tax. This is confirmed by António Mendonça Mendes, State Secretary for Tax Affairs.

What is a capital gains tax?

The capital gains tax is a tax on the profit from the sale of cryptocurrency. Buy Bitcoin for 100 euros, but do you sell it for 1100 euros? Then you have a profit of 1000 euros, you have to pay 28 percent tax on this profit. In other words, every time a Portuguese exchanges crypto for fiat money, he or she gives up more than a quarter of the funds.

If you report crypto gains as income in the UK, taxes on crypto assets follow the same range as any other income, from 0 per cent to 45 per cent, with the same personal threshold of £12,570.

For a long time, Portugal did not consider cryptocurrencies as wealth or as an investment, but simply as another form of money. Therefore, crypto has been exempt from capital gains tax since 2018. Apparently, the country has changed its mind to consider crypto as an asset and allows it to impose a profit tax of 28 percent on it.

Portugal seemed to be the promised land for a long time

Due to the fact that crypto was not effectively taxed, Portugal gained a reputation as one of the most attractive crypto tax havens in the world. It helps that Portugal is a country with good weather, beautiful cities, good food, beautiful beaches and a (somewhat) stable currency and government.

This has also led to the relocation of many crypto companies, exchanges and events to the country. Portuguese politicians stress that the introduction of a 28 percent capital gains tax should not be seen as a deterrent for companies.

Instead, Portuguese politicians have claimed that they have always planned to regulate crypto and have looked closely at how other countries have adapted their regulations. Portugal was able to make decisions on this basis.

“It is an area where there is much more knowledge and much more progress, so Portugal can benefit from international experience”, Medina told Parliament.

More taxes on the way?

Portugal may be considering other crypto-related taxes for much longer. António Mendonça Mendes, Secretary of State for Fiscal Affairs, said at the same meeting that “Cryptocurrencies are a much more complex reality than taxes alone when it comes to capital gains”. He further suggested that crypto could soon be subject to VAT, fees or even property taxes in Portugal.

“We are evaluating the best regulation in this matter so that we can present not a legislative initiative that appears on the front page of a newspaper, but a legislative initiative that really serves the country in all its dimensions.“

The kitchen is not so special, the weather is more gray than blue and living is unaffordable, but otherwise all lovers of as little taxes on crypto as possible can just as well come to the Netherlands.

Not so black and white

It remains to be seen whether the new tax will really become such a deterrent for companies, as it could be years before it becomes law in Portugal. When the law comes into force, all these companies and people with crypto will probably move to the Portuguese island of Madeira, where the tax rules for crypto will remain favorable and Bitcoin it will soon become legal tender.