Portuguese Tax Agency: No taxation on cryptocurrency transactions and payments

According to Cointelegraph, the Portuguese tax authorities have made it clear that the country will not tax cryptocurrency transactions and encrypted payments. Portuguese tax and customs authorities have confirmed that cryptocurrency transactions or payments can be exempt from VAT. According to reports, the agency provided clarification to a local cryptocurrency mining company and published an official ruling. In this document, the agency stated that the exchange of legal currency with cryptocurrency is VAT-free, adding that encrypted users are not subject to any income tax.