Portugal’s Parliament rejects Bitcoin and crypto tax proposals

The Portuguese Parliament, Assembleia da República, rejected not one but two different proposals to tax Bitcoin and other cryptocurrencies , both of which came from political groups in the minority. 

Notably, the suggestions were put up by the left-leaning parties Bloco de Esquerda and Livre and were both shot down during a voting session for the 2022 budget on May 25, according to a report published in the Portuguese economic weekly ECO .

At the start of this month, the country’s Minister of Finance  Fernando Medina said that the government would begin taxing cryptocurrencies. He also stated that the government would work on the regulatory framework, but he did not provide a time frame for when this would occur.

“Many countries already have systems, many countries are building their models in relation to this subject and we will build our own,” he said.