Portugal treats cryptocurrency gains as capital gains, imposing a flat tax rate of 28%
ChainCatcher news reports that TaxDAO today released an analysis of the "2023 National Budget of Portugal Related to Cryptocurrency." The article states that until the end of 2022, Portugal was one of the few countries in Europe where cryptocurrency transactions (e.g., capital gains) were exempt from personal income tax.However, starting in 2023, there will be significant changes to the tax framework for crypto assets. In terms of personal income tax, the definition of crypto assets is expressed as "a digital representation of value or rights that can be electronically transferred or stored using distributed ledger technology or similar technology," excluding single crypto assets and non-fungible crypto assets.The gains from the disposal of crypto assets will be treated as capital gains, and a standard 28% flat tax rate will apply to the positive balance of capital gains and losses generated from the disposal of the aforementioned assets, unless these assets are held for more than 365 days, in which case an exemption will apply (but this does not apply to crypto assets classified as securities). (source link)