Finance: Cryptocurrency services in IRS activities

The world of cryptocurrencies is a reality, although the latest news is not very favorable to the credibility of this type of currency. We are talking about the FTX financial trading company that went bankrupt and is being accused of being a massive Ponzi scheme.

In Portugal, it is nothing new that cryptocurrency income should start to be taxed.

Cryptocurrencies: New legislation forces platforms to report all operations annually

Professionals who earn money with cryptoassets, especially cryptocurrencies, have to declare their income. New legislation obliges platforms to report all operations annually, reveals Público.

According to the newspaper, with the end of the tax void for cryptoassets, the Tributária e Aduaneira (AT) proposes to the Government that self-employed professionals can register with Finance as “providers of services related to cryptoassets”, a category that currently does not exist in the table of self-employed workers for IRS purposes. This range may include, for example, those who invest in virtual assets or those who decode algorithms on a digital platform that will correspond to cryptoassets.

cryptocurrency mining

It should be remembered that the PS recently announced that it would increase the taxation applied to operations with crypto assets. In the State Budget proposal for 2023 (OE2023), a new tax regime for crypto assets was defined, providing that capital gains are taxed at a rate of 28% when those are held for less than one year.

Cryptoassets are digital representations of values ​​or rights that can be transferred and stored electronically. Although they can be used to make payments, as the value of crypto assets fluctuates a lot, they are mainly used as investment assets. One of the most popular crypto assets in this area are cryptocurrencies, such as the popular BitCoin.

Another example of crypto assets are the stablecoins🇧🇷 In this case, there are mechanisms that seek to guarantee the stability of its value. For example, through the association of stablecoins to a reference basket composed of assets or currencies. One of the best-known projects is DIEM, driven by an association led by Facebook – find out more here.

Source: Pplware by

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