YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

Portugal Eyes 28% Crypto Tax As Entire EU Moves To Expand DeFI Regulations

October 10, 2022
in Regulations
Reading Time: 3 mins read
A A
Portugal Eyes 28% Crypto Tax As Entire EU Moves To Expand DeFI Regulations
ShareShareShareShareShare
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

October 10th proved to be an important day for crypto in the EU. At the level of the European Parliament, the landmark MiCA Law won a vote by a landslide while the EU Commission issued a call to monitor the Ethereum blockchain. On the same day, the Portuguese parliament received a draft for 2023’s budget that includes taxes on crypto for retail investors.

Portugal Might Impose Taxes on Crypto in 2023

Until now, Portugal has only taxed gains on cryptocurrency from professional and business activities. In May 2022, the country’s minister of finance, Fernando Medina, confirmed the government’s intent to expand Portugal’s digital assets taxation.

According to the budget draft submitted to the parliament this Monday, the minister’s commitment will likely come to fruition in 2023. The current proposal counts taxes levied on crypto gains as a part of the revenue and specifies an intention to create the conditions for “a specific regime that aims to promote the crypto-economy.”

According to the current draft, the gains from cryptocurrency held for less than a year will be taxed at a 28% rate. Crypto held for longer than 365 days will continue to be exempt. There will also be a 10% tax on the free transfer of digital currencies and a 4% tax on commissions charged by the brokers.

Join our Telegram group and never miss a breaking digital asset story.

EU Moves Forward in its Pursuit to Regulate Crypto

As Portugal is moving towards an expansion of its crypto tax regime, the wider EU is also quickly moving forward with creating its own digital assets regulatory framework. Last week, the European Parliament supported a non-binding crypto tax resolution brought forward by MEP Lidia Pereira, and an EU Council approved the text of the so-called MiCA.

Markets in Crypto-Assets (MiCA) represents an important proposed regulation in EU law. It is intended to provide a framework for future legislation and regulations concerning various digital assets when it comes to taxation, marketing, and consumer protection. After its text was approved last week, MiCA came before the Economic and Monetary Affairs Committee of the European Union.

You might also like

White House officials criticize Congress for not enacting crypto regulations

White House officials criticize Congress for not enacting crypto regulations

January 28, 2023
US Allows Use Of NFTs For Fundraising Activities, ReelStar Rolls Out NFT Creation Zone

Elon Musk Wants McDonald’s to Accept Dogecoin; Amazon to Launch NFT Initiative

January 28, 2023

The vote on this regulatory framework ended in its favor by a landslide with 28 votes for, and 1 against. Monday’s results likely mean that MiCA will come before and be passed by the wider European Parliament before the end of 2022.

Later on October 10th, the European Commission put out a call to study DeFi protocols on the ETH network in real-time. The automated supervisory of the Ethereum blockchain will allow researchers to study the activity in the decentralized finance space as it unfolds. This call is likely a part of the larger effort to combat illicit crypto activity and comes just months after the EU’s watchdog sought transaction data for spot trades.

Finance is changing.

Learn how, with Five Minute Finance.

A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.

Awesome

You’ve subscribed.

You’re well on your way to being in the know.

How high do you think crypto taxes will get in traditionally crypto-friendly Portugal? Let us know in the comments below.

About the author

Tim Fries

Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.

Credit: Source link

Related Stories

White House officials criticize Congress for not enacting crypto regulations
Regulations

White House officials criticize Congress for not enacting crypto regulations

January 28, 2023
US Allows Use Of NFTs For Fundraising Activities, ReelStar Rolls Out NFT Creation Zone
Regulations

Elon Musk Wants McDonald’s to Accept Dogecoin; Amazon to Launch NFT Initiative

January 28, 2023
US Lawmaker Outlines Priorities to Regulate Crypto and Make America the Place for Blockchain Innovation – Regulation Bitcoin News
Regulations

US Lawmaker Outlines Priorities to Regulate Crypto and Make America the Place for Blockchain Innovation – Regulation Bitcoin News

January 28, 2023
SEC Commissioner Calls for ‘Consistent Legal Framework’ for All Asset Classes, Including Crypto – Regulation Bitcoin News
Regulations

SEC Commissioner Calls for ‘Consistent Legal Framework’ for All Asset Classes, Including Crypto – Regulation Bitcoin News

January 28, 2023
Next Post
As the crypto industry matures, demand for talent becomes less market-dependent

As the crypto industry matures, demand for talent becomes less market-dependent

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Steven Soderbergh Gives the Andrews/Bernard Award to NFT-funded Calladita

Steven Soderbergh Gives the Andrews/Bernard Award to NFT-funded Calladita

January 24, 2023
China’s “Instagram” Chooses Conflux Network For Blockchain Integration

China’s “Instagram” Chooses Conflux Network For Blockchain Integration

January 25, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,004.00 0.44%
    • ethereumEthereum (ETH) $ 1,576.42 0.37%
    • tetherTether (USDT) $ 1.00 0.17%
    • usd-coinUSD Coin (USDC) $ 1.00 0.16%
    • bnbBNB (BNB) $ 305.68 0.06%
    • xrpXRP (XRP) $ 0.410655 0.13%
    • binance-usdBinance USD (BUSD) $ 1.00 0.09%
    • cardanoCardano (ADA) $ 0.383001 0.57%
    • dogecoinDogecoin (DOGE) $ 0.088712 2.89%
    • matic-networkPolygon (MATIC) $ 1.11 2.79%
    • okbOKB (OKB) $ 38.44 7.15%
    • solanaSolana (SOL) $ 24.08 0.14%
    • staked-etherLido Staked Ether (STETH) $ 1,574.53 0.74%
    • polkadotPolkadot (DOT) $ 6.42 0.52%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 1.99%
    • avalanche-2Avalanche (AVAX) $ 20.41 12.57%
    • litecoinLitecoin (LTC) $ 87.83 0.02%
    • tronTRON (TRX) $ 0.062417 0.86%
    • daiDai (DAI) $ 0.998877 0.21%
    • uniswapUniswap (UNI) $ 6.66 0.91%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 22,991.00 0.15%
    • cosmosCosmos Hub (ATOM) $ 13.25 0.66%
    • the-open-networkToncoin (TON) $ 2.53 2.54%
    • chainlinkChainlink (LINK) $ 7.22 0.53%
    • leo-tokenLEO Token (LEO) $ 3.73 3.1%
    • moneroMonero (XMR) $ 182.13 4.47%
    • ethereum-classicEthereum Classic (ETC) $ 21.71 0.3%
    • aptosAptos (APT) $ 17.45 2.55%
    • bitcoin-cashBitcoin Cash (BCH) $ 132.99 1.93%
    • stellarStellar (XLM) $ 0.092556 0.69%
    • apecoinApeCoin (APE) $ 6.13 1.81%
    • quant-networkQuant (QNT) $ 149.26 1.2%
    • nearNEAR Protocol (NEAR) $ 2.46 1%
    • crypto-com-chainCronos (CRO) $ 0.081252 0.7%
    • filecoinFilecoin (FIL) $ 5.27 0.85%
    • lido-daoLido DAO (LDO) $ 2.26 2.77%
    • algorandAlgorand (ALGO) $ 0.254527 1.22%
    • vechainVeChain (VET) $ 0.024111 0.9%
    • hedera-hashgraphHedera (HBAR) $ 0.068527 1.54%
    • internet-computerInternet Computer (ICP) $ 5.93 1.62%
    • axie-infinityAxie Infinity (AXS) $ 11.45 0.4%
    • decentralandDecentraland (MANA) $ 0.694429 3.57%
    • aaveAave (AAVE) $ 85.09 3.97%
    • eosEOS (EOS) $ 1.08 2.68%
    • the-sandboxThe Sandbox (SAND) $ 0.733059 0.27%
    • fantomFantom (FTM) $ 0.447223 4.75%
    • flowFlow (FLOW) $ 1.06 3.83%
    • elrond-erd-2MultiversX (EGLD) $ 44.40 0.96%
    • theta-tokenTheta Network (THETA) $ 1.09 2.27%
    • terra-lunaTerra Luna Classic (LUNC) $ 0.000177 2.72%