Bitcoin Profile for Portugal
Bitcoin Profile for Portugal
Overview:
- Country: Portugal
- Population: ~10.3 million
- GDP: Approximately €201 billion (EUR - 2020)
- Currency: Euro (€)
Bitcoin Adoption:
- Cryptocurrency Status: Known for a crypto-friendly environment; Bitcoin not official legal tender.
- Regulation: The Portuguese Securities Market Commission (CMVM) oversees crypto exchanges.
Bitcoin Initiatives:
- Tax Benefits:
- Until 2022, no tax on Bitcoin gains for individuals.
- From 2023, 28% tax on short-term crypto gains, long-term holdings still exempt.
- Crypto Exchanges and ATMs: Multiple exchanges and Bitcoin ATMs available.
- Golden Visa Program: Attractive for crypto investors looking for residency.
Economic Impact:
- Tech Hub: Lisbon is a growing center for blockchain and crypto startups.
- Investment Attraction: Crypto-friendly regulations attract digital currency investors.
Regulatory Framework:
- CMVM Oversight: Crypto exchanges regulated for compliance.
- Anti-Money Laundering: Compliance with EU anti-money laundering directives.
International Relations:
- Part of EU: Must align with EU crypto regulations.
Bitcoin Adoption Scorecard:
Category |
Details |
Score (Out of 5) |
Adoption | Not legal tender, but accepted in tech and some retail | 3 |
Taxation | Favorable environment, with recent changes | 4 |
Innovative Projects | Hosting events, crypto startups | 3.5 |
Economic Impact | Attracts crypto businesses | 3 |
Financial Stability | Stable as part of Eurozone | 4 |
Public Opinion | Growing interest | 3 |
Infrastructure | Crypto exchanges, ATMs, tech support | 4 |
Global Influence | Influential within EU | 3 |
Regulatory Environment | Crypto-friendly, EU compliant | 3.5 |
Security Practices | Strong IT security framework | 3 |
Future Potential | Potential to grow as a crypto hub | 4 |
Overall Score | | 3.5 |
Notes:
- Adoption: Significant in tech sector and urban areas.
- Taxation: Previously a tax haven for crypto, now with some taxes.
- Economic Impact: Noticeable but not yet transformative.
- Financial Stability: Portugal's economy stable, crypto supplementary.
- Public Opinion: Positive growth in crypto acceptance.
- Infrastructure: Well-developed for crypto operations.
- Future Potential: Strong potential within the EU.
This profile outlines Portugal's current approach to Bitcoin and cryptocurrencies, highlighting its progressive policies and the infrastructure that supports the crypto ecosystem.