SCORECARD FOR

portugal

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)
AdoptionNot legal tender, but accepted in tech and some retail3
TaxationFavorable environment, with recent changes4
Innovative ProjectsHosting events, crypto startups3.5
Economic ImpactAttracts crypto businesses3
Financial StabilityStable as part of Eurozone4
Public OpinionGrowing interest3
InfrastructureCrypto exchanges, ATMs, tech support4
Global InfluenceInfluential within EU3
Regulatory EnvironmentCrypto-friendly, EU compliant3.5
Security PracticesStrong IT security framework3
Future PotentialPotential to grow as a crypto hub4
Overall Score3.5

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.