Portugal | 2021

Cryptocurrency Adoption and trends in Portugal in 2021

2.37

%

of Portuguese
own cryptocurrency

How many cryptocurrencies owners are there in Portugal?

It is estimated that over 240 thousand people, 2.37% of Portugal’s total population, currently own cryptocurrency.

Cryptocurrencies Market Sentiment in Portugal

Portugal is fast becoming the number one country for anyone involved in cryptocurrencies, especially long-term investors and retail traders. Official statistics clearly show that immigration to Portugal is growing a lot year after year, and a good chunk of these expats are young people below the age of 40.

The main reason for the enthusiasm about Portugal from people involved in the cryptocurrencies space is that cryptocurrencies earnings are tax-free in Portugal. In a 2016 official ruling, the Portuguese Tax Authority analysed the possible classification of cryptocurrencies within certain types of income that are subject to Portuguese tax, notably capital gains, capital income and income from business activities, and decided that, as a general rule, natural persons should not be taxed in respect of gains derived from the valuation or sale of cryptocurrencies, except that, in the case of sale of cryptocurrencies, if they correspond to the individual’s main recurrent activity, income obtained from such activity could be subject to Portuguese tax. It should also be noted that this was only a partial decision that did not elaborate on other types of income derived from other cryptocurrency-related activities (e.g. mining and farming activities).

Cryptocurrencies’s rising popularity in Portugal

  • The Financial: Are Bitcoin Casinos Legal in PortugalMay 2021
    Is cryptocurrencies gambling legal in Portugal? The use of various forms of cryptocurrencies coins is currently gaining momentum globally. Every casino is creating systems that they believe will allow their users to utilize cryptocurrencies coins during transactions. The Bitcoin casino industry is also experiencing growth. Portugal is among the countries whose players are considering shifting from the non-bitcoin casinos to those that allow them to use it. Bitcoins through Blockchain offers the users a secure platform that enables them to transact with little doubt. That gives the users satisfaction for their desires. Despite the plethora of benefits, many Portuguese are questioning whether it’s right to gamble on the Bitcoin casinos. So, is bitcoin casino legal in Portugal?

  • Cointelegraph: Portuguese power company to accept Bitcoin for electricity billsFebruary 2021
    Luzboa, a small energy trading company in Portugal, will soon start accepting Bitcoin (BTC) as payment for electricity. The company’s president Pedro Morais Leitão announced the news to Portuguese publication Expresso on Wednesday, stating that the new payment option should become available this month. According to the executive, Luzboa will create a Bitcoin wallet in the coming days, allowing residents to pay for electricity under a new payment system known as “Bit Spot.” According to Leitão, the firm plans to instantly convert received Bitcoin into euros to protect its business from unstable prices. “We are aware of currency volatility, but we are prepared to take some risk,” the exec said.

  • Cointelegraph: Portugal Unveils ‘Free Zones’ for Emerging Technologies in Digital Action…April 2020
    The Portuguese government plans to create “Technological Free Zones” (Zonas Livres Tecnológicas) with tailored regulatory regimes that encourage innovation and experimentation. Unveiled on April 21 as part of the country’s ambitious digital transition action plan, the country’s Council of Ministers pledged that the new zones will be adapted so as to lessen the regulatory and legal burden on the developers of new and experimental technologies. Independent Portuguese law firm Vieira de Almeida has noted that the legal framework being adopted for the free zones goes beyond existing approaches to regulatory sandboxes, which are typically disparate and set up according to a sector or pre-defined area.

 

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