Crypto Tax: This Country’s Tax Rate Has Just Gone Through the Roof

Crypto tax: The new regime would allow gains from assets held for longer than 12 months to be exempt.

Lawmakers in Portugal propose a 28% tax on profits earned from crypto assets held for less than a year. This was revealed in the country’s 2023 budget submitted to Parliament on Oct. 10, 2022.

Is Portugal losing its crypto haven status?

Under the new law, recipients of token airdrops may need to fork out a 10% tax, while those categorized as crypto brokers would need to pay a 4% tax on any commission earned.

“It’s a regime that fits into our tax system and also to what is being done in the rest of Europe,” said António Mendonça Mendes, a senior government tax official. In Germany, crypto investors do not pay taxes for crypto held for a year or more. The bill will need to be passed by Parliament to become law.

In response, technical analysis trader Michaël van de Poppe pointed out that no one has earned a profit in the last year:

Until now, Portugal has only imposed taxes on crypto business transactions and professional trading activity. It soon became a desti