Portuguese people do not have to pay Bitcoin taxes or any other cryptocurrency in accordance with an official document of the country’s fiscal and customs authority. The document says that cryptocurrency transactions are exempt from sales and purchasing taxes, such as income tax. With these new regulations arising, Portugal is being established as one of the most friendly countries with the world’s cryptocurrencies.
The measure makes sense since the country is establishing a global reputation for allowing people to take control of their own lives. This reputation is based on the fact that the country treats drugs as a public health concern instead of a legal issue. Making drugs is not a criminal offense in Portugal. The approach is to obtain people the help they need instead of blocking them in a jail cell for any irregularity.
Drugs are not only a criminal problem in Portugal. Less people are doing them because they are not considered criminal. Only three in one million people die of drug overdose every year. In the rest of the European Union, the average is 17 people per million.
Of course, just because the decriminalization of medicines is working in Portugal, it does not mean that the country does not lose income tax and sales tax revenue for not taxing Bitcoin. The real question is, are you trying to turn a nation into a chain of cryptocurrency blocks and innovation that is more worth the economic growth of a country than the tax revenues that would be collected differently?
Other countries are already exploring the answer.
Cryptocurrencies around the world
People around the sphere of cryptography universally applaud Malta as the friendliest country with Bitcoin, with Switzerland is equally indulgent. One of the reasons why Malta is successful is because the country is not afraid to establish clear guidelines on how people and companies can use cryptocurrencies to carry out businesses and how these operations fit with the country’s fiscal authority. Some of the key policies regulate:
- Internal government rules surrounding any company that does business using distributed accounting technology.
- Initial offers of coins, exchanges, wallets and all other intermediaries that exchange cryptocurrencies.
- The registration and certification of technology service providers, including administrators and auditors of the system.
This clear and reflective approach is the reason why great exchanges such as Binance are now working in Malta.
Malta is really making a name due to his favorable perspective of cryptocurrency. However, the country is far from being a major statesman when it comes to promoting friendly financial regulations. Switzerland is Kingpin. The cryptocurrency list that has non -profit bases recorded in Switzerland includes Ethereum, Cardano, Tazos and many more. Even Facebook is registering the non -profit arm for your Libra Token in Switzerland. At the end of next year, around 100 companies will be members of the Libra association. That includes companies that quote on the stock market as Mastercard, Uber and Ebay.
Any entrepreneur who seeks to invest in decentralized accounting technologies wants friendly regulations. Options outside Malta or Switzerland include places like Gibraltar and Puerto Rico. Now, they can add Portugal to the list.
