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

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.