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Portuguese Congress Rejects Two Bills Seeking to Tax Crypto
The proposals were submitted by two leftist parties. The government, which also seeks to apply taxes, hasn’t submitted a proposal so far.
Updated May 11, 2023, 3:35 p.m. Published May 26, 2022, 12:45 a.m.
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Portugal's Congress, the Assembleia da República, rejected on Wednesday two bills that sought to tax cryptocurrencies.
- The bills were presented by Livre and Bloco, two left-wing parties with little representation in the Portuguese Congress, local media Sapo reported.
- The ruling Socialist Party, which holds the majority of the legislative assembly seats, has not submitted any taxation bill of its own so far. Portuguese Minister of Finance Fernando Medina announced last week that cryptocurrencies will be subject to taxation in the near future.
- “Many countries already have systems, many countries are building their models in relation to this subject and we will build our own,” he said at the time.
- Portugal has an effective capital gains rate of zero on crypto, compared to the current capital gains tax rate for financial investment, of 28%.
- The new policy proposed by the government would include a capital gains tax, Susana Duarte, an associated partner at Abreu Advogados law firm in Lisbon, told CoinDesk last week.
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SEC makes quiet shift to brokers' stablecoin holdings that may pack big results
The securities regulator has continued its Project Crypto work to make unofficial policy changes as it moved to let broker-dealers treat stablecoins as capital.
What to know:
- The addition of a few lines in a frequently-asked-questions page on the U.S. Securities and Exchange Commission website may open up the use of stablecoins in capital calculations for U.S. broker-dealers.
- The agency is instructing brokers that they need only give their stablecoins a 2% haircut when calculating how much they can be used as regulatory capital.
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