Portugal’s Congress, the Assembleia da República, rejected on Wednesday two bills that sought to tax cryptocurrencies.
The ruling Socialist Party, which holds the majority of the legislative assembly seats, has not submitted any taxation bill of its own so far. Portuguese Minister of Finance Fernando Medina announced last week that cryptocurrencies will be subject to taxation in the near future.
“Many countries already have systems, many countries are building their models in relation to this subject and we will build our own,” he said at the time.
Portugal has an effective capital gains rate of zero on crypto, compared to the current capital gains tax rate for financial investment, of 28%.