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

Regulation • August 29, 2019, 10:15AM EDT
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Cryptocurrency trading and payments in Portugal are tax-free, the European country’s tax authority has clarified.

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).

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.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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