In a major policy shift for one of Europe’s most crypto-friendly countries, Portugal plans to begin taxing digital-currency gains on purchases held for less than a year. According to the plan submitted to parliament on Monday, a provision in the country’s proposed 2023 budget would tax gains on crypto holdings held for less than one year at a rate of 28%. It stated that crypto assets held for more than 365 days will continue to be tax-free.The issuance of new cryptocurrencies and mining operations would also be considered taxable income under the draught budget. According to the draught budget, the government will levy a 10% tax on free cryptocurrency transfers and a 4% tax on broker commissions on cryptocurrency transactions.
