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Portugal, considered a cryptocurrency tax haven not long ago, will start taxing crypto profits from crypto held for less than a year.

The 2023 State Budget document, which was issued on October 10, included a brief section on cryptocurrency taxes, which had previously gone unnoticed by Portuguese tax officials since digital assets were not recognised as legal tender.

According to the section, the Portuguese government plans to build a “wide and suitable” tax framework for cryptocurrencies in terms of taxes and categorization. The 444 paper-long document suggests a proposed income tax on cryptocurrency businesses such as trading, mining, and capital gains.