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Portugal To Tax Cryptocurrency Income According To Minister Of Finance

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Portugal To Tax Cryptocurrency Income According To Minister Of Finance

Portugal, one of the countries considered a crypto tax haven due to its absence of crypto-related taxation, is preparing to change this policy. Fernando Medina, minister of finance of Portugal, stated that the country is working on a framework to allow the taxation of cryptocurrency income gains following the principles of “justice” and “efficiency,” and declared that there cannot be gaps for any income gains to be obtained without taxation.

Portugal to Tighten Cryptocurrency Taxation Policy

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Portugal, one of the countries that has been touted as a crypto haven due to the absence of taxation in this regard, is working on the establishment of laws that will allow it to tax these digital assets. The statements on the subject were made by the minister of finance of the country, Fernando Medina, during a state budget discussion.

Medina explained:

Several countries are building their models regarding this matter and we are going to build ours. I do not want to commit myself to a date at this moment, but we will adapt our legislation and our taxation.

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The government had already given signs of its future direction regarding cryptocurrency taxation. The Ministry of Finance asked the Portuguese Tax Authority to study how crypto assets were taxed in other regions in 2021 “in order to propose an adequate tax framework for these new instruments, taking into account the necessary balance between the fair distribution of income and wealth and the attraction of foreign investment.”

Models Still Not Decided

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While the models by which cryptocurrency gains will be taxed are still unclear, Medina stated that these would be set up following the principles of “justice” and “efficiency,” aiming for a tax system that would not scare cryptocurrency investments out of the country. Medina declared this system should make taxation “adequate,” but not of an “exceptional character that ends up reducing revenue to zero, which is contrary, in fact, to the objective for which it exists.”

However, he was firm in the belief that cryptocurrency should be taxed eventually, stating that there could not be “gaps that cause there to be capital gains in relation to the transaction of assets that do not have a tax.”

Recently, cryptocurrencies are starting to be used as a means of payment in real estate transactions in Portugal. On May 8, the reported first transaction of this kind happened in the country, when an apartment in Braga was sold for 3 BTC.

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What do you think about the statements on crypto taxation made by Portugal’s minister of finance? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Uzbekistan Presents Registration Requirements For Cryptocurrency Miners

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Uzbekistan Presents Registration Requirements For Cryptocurrency Miners

Authorities in Uzbekistan have drafted and put forward for public consultations a set of rules for crypto miners operating in the country. Companies that want to mint digital currencies will have to register with the government and use renewable energy.

Uzbekistan Discusses Draft Regulations for Crypto Mining Sector

Entities involved in cryptocurrency mining will need to register and renew their certificate every year, according to a draft decree by the director of Uzbekistan’s National Agency for Perspective Projects. NAPP is the country’s main crypto watchdog, which is directly subordinated to the administration of President Shavkat Mirziyoyev.

The document was recently published for public consultations that will continue until July 9 and have already attracted a number of suggestions. It introduces key definitions pertaining to the industrial activity of digital currency extraction, including for the terms crypto mining, miner, and mining equipment.

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The decree states that crypto mining is subject to mandatory registration while noting it is not an activity that requires licensing. It also obliges crypto miners to utilize electricity produced by photovoltaic stations and bans them from providing power from their supply source to any third party.

Bitcoin mining farms will also be allowed to connect to the national power grid, to ensure the stable operation of their hardware, through a separate electricity meter. That applies to the peak times of consumption, between 5 p.m. and 10 p.m., and also at night, from 10 p.m. until 6 a.m., when they will pay a surcharge.

However, not having access to an operational solar power station, ready to generate electricity, will be considered a violation of the rules. The same applies to “hidden mining,” when someone else’s hardware is used without their knowledge, mining at a location different from the one specified during registration, as well as minting of “anonymous crypto assets.”

Certified miners will be required to file information on the transactions with the mined cryptocurrencies with the NAPP, complying with the deadlines and procedures established by the regulatory body. They will not pay tax on the crypto assets received as income. The minted digital coins must be sold only on crypto exchange platforms registered in the country, the decree says.

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What’s your opinion about the upcoming crypto mining regulations in Uzbekistan? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Best Crypto For Under $1 – Gorilix (SILVA), Cardano (ADA), MATIC And More

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Best Crypto For Under $1 – Gorilix (SILVA), Cardano (ADA), MATIC And More

Gorilix Defi (SILVA) – Overall Best Crypto under $1 for 2022

Currently available for just $0.01679, SILVA tops our list for best crypto available for under $1. After seeing its price more than double in value since its presale began in mid-June, SILVA has built up a steady amount of traction, proving early adopters right in their decision to back the high-flying, high-growth crypto.

Gorilix Defi, the platform behind SILVA, allows customers to become their own crypto bank, letting them lend, stake, save and borrow crypto. When staking or lending crypto through the Gorilix platform, customers can earn up to 20% interest per year which will be paid in SILVA tokens.

The support for the platform and the impressive 8-step roadmap detailed by the company have both contributed to the continued growth of the SILVA token, which is currently outperforming major cryptos, growing 110%, while powerhouses like Bitcoin and Ethereum are down by -35% and -41% respectively in the last month.

To buy your SILVA tokens, visit Gorilix.io.

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To register for the presale: https://cabinet.gorilix.io/sign-up

To join the Telegram, Twitter & Instagram: https://linktr.ee/Gorilix

Cardano (ADA) – Largest market cap of all cryptos under $1

Cardano is a proof-of-stake blockchain platform whose goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. Launching in 2017, Cardana has grown over time to become the 7th biggest cryptocurrency by market cap, with a dominance of 1.7%.

Cardano has stated it aims to “redistribute power from unaccountable structures to the margins to individuals.” Doing this will help create a secure society with increased transparency and fairness.

Basic Attention Token (BAT)

BAT is the token that powers a new blockchain-based digital advertising platform that rewards users for their attention and, in turn, helps advertisers use their ad spend to ensure they maximize their value and get the best possible returns.

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Brave Software designed Basic Attention Token as part of its ambition to redefine and change how the internet gathers data, displays ads, and treats users. With a market cap of $547 million, analysts believe that the token is currently significantly discounted and primed to rise in the future.

Polygon (MATIC)

Polygon is a platform created to scale Ethereum and aid its infrastructure development. The purpose of Polygon is to ensure compatibility by connecting every Ethereum-based DApp (decentralized application). Polygon effectively transforms Ethereum into a full-fledged multi-chain system (Internet of Blockchains). This multi-chain system is akin to others such as Polkadot, Cosmos, Avalanche, etc., with the advantages of Ethereum’s security, vibrant ecosystem, and openness

The post Best Crypto for under $1 – Gorilix (SILVA), Cardano (ADA), MATIC and more appeared first on .

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North Korea’s ‘illicit’ crypto holdings heavily impacted by market crash

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North Korea’s ‘illicit’ crypto holdings heavily impacted by market crash

North Korea’s ‘illicit’ crypto holdings heavily impacted by market crash Oluwapelumi Adejumo · 19 hours ago · 2 min read

Chainalysis says North Korea’s unlaundered crypto holdings have dropped to $65 million due to the recent crypto market crash.

2 min read

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Updated: June 29, 2022 at 7:59 pm

Cover art/illustration via CryptoSlate

The recent crypto market crash has left North Korea with millions of dollars in losses on its stolen crypto assets and could affect funding for its weapons program, Reuters reported.

Bitcoin’s (BTC) recent crash to under $20,000 means the sanction-ridden country has accrued millions in unrealized losses on its illicit crypto funds.

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North Korea’s stolen crypto holdings decline

Per Chainalysis, old unlaundered crypto assets held by North Korea are now valued at $65 million, a sharp decline from $170 million. These are funds stolen from hacks between 2017 and 2021.

Nick Carlsen, an analyst with blockchain analysis firm TRM Labs, also said that a portion of North Korea’s holdings, originally worth tens of millions, have lost about 85% of their value.

According to anonymous government sources in South Korea, this decline could severely derail North Korea’s weapons program. Korea Institute for Defense Analyses in Seoul estimates it has spent $620 million on this program alone this year.

North Korea has prioritized its weapons programs and has tested several missiles this year. Available information shows that the country has funded these missile programs with stolen funds from crypto exchanges.

Hackers from North Korea pose one of the biggest threats to the cryptocurrency industry. A group of hackers from the country was tied to the over $600 million hacks of Axie Infinity’s Ronin bridge.

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North Korea denies crypto hacks

According to Reuters, the North Korean government has denied links to crypto hacks.

An unnamed embassy diplomat who answered the North Korean embassy in London phone said the allegations are “totally fake news.”

However, publicly available information says otherwise. A recent report by Coincub noted that North Korea is the leading country in the world for crypto crimes. The US and Russia complete the top three for different reasons.

The Coincub report states that over 7,000 hackers have raised approximately $1.59 billion for North Korea. In addition, DPRK has 15 documented instances of crypto-related crimes.

Meanwhile, the rate of crypto crimes in the country has led US Treasury Department Brian E. Nelson to call for sanctions on the state. According to him, the North Korean government uses the proceeds of its crypto hacks to create weapons of mass destruction.

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