Portugal: crypto trading and payments are tax-free

Portugal’s tax authority says crypto trading and payments are tax-free

Crypto mass adoption is coming? 

European country’s tax authority has clarified, cryptocurrency trading and payments in Portugal are tax-free.

Local business newspaper Jornal de Negócios reported the news earlier this week, saying that the authority has said that both cryptocurrency trading in real currencies and remuneration in cryptocurrencies are exempt from value-added tax (VAT). For a population that means that buying any good for cryptocurrency is now a lot cheaper. 

Let's see if it will be significant for mass adoption of cryptocurrencies in Portugal.

The agency reportedly provided the clarification to a local cryptocurrency mining company, in an official ruling document.

There is also no income tax on cryptocurrency earnings in the country, per the report.

Source: Yahoo Finance