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Now, Portugal Plans To Tax Cryptocurrencies

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Portugal plans to tax cryptocurrenciesPortugal, one of the few countries in Europe where cryptocurrency transactions are not taxable, plans to close the loopholes in the legal system that prevents the government from taxing virtual assets.On Friday, Portuguese finance minister Fernando Medina, in a press meeting, announced that the government plans to bring in legislation on the matter.“We are not going to maintain this vacuum," AFP quoted Medina as saying.Although not committing to a deadline, the Portuguese minister said the government planned to bring in a new law "as quickly as possible".

The model adopted by the government would be fair and ensure that Portugal remains a competitive destination, he said.According to the law that came into force after a 2016 ruling by the tax administration, Portugal does not consider cryptocurrencies as foreign currencies or financial assets.

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