The Assembly of the Republic of Portugal recently rejected the proposal to apply taxes on the use and trade with cryptocurrencies.

Initially, the proposal dictated that the Government propose a “minimum threshold of 5,000 euros on cryptocurrency assets, in order to tax their capital gains.”

This proposal comes directly from the Portuguese tax body, which went through a process of analyzing the new tax framework applicable to digital assets, responding to the request of the local government.

“The Government supports a concerted position on this matter at European level. However, it determined, by order of the Secretary of State for Tax Affairs, dated 2021, that the Tax and Customs Authority must study the framework of cryptoactive instruments in light of international best practices.”

The main idea is to tax profits with commercial operations for cryptocurrencies and their profits, as long as they exceed the threshold of 5,000 euros. It was also under consideration to apply taxes such as the payment of VAT (value added) among others.

K. Tovar

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Source: Diariobitcoin

La entrada Portugal rejects regulation proposal for cryptocurrencies apareció primero en Bitfinance.

Panama advances on its way to regulate the use of cryptocurrencies in the country. The Legislative Assembly approved the cryptocurrency bill, which regulates the “commercialization and use of crypto assets, the issuance of digital value, the tokenization of precious metals and other assets, payment systems and other provisions.”

The next step is for the president of the country to endorse and authorize the execution of the law so that it comes into force and citizens can purchase their goods and services daily, if they wish, with cryptocurrencies.

Deputy Gabriel Silva stressed that with the entry into force of the law, it will allow the “Central American country to become a center of innovation and technology in Latin America.” He also pointed out that 50 % of the population is not banked and the cryptocurrency law will help them to write off their assets.

Payment of taxes with cryptocurrencies

The Panamanian cryptocurrency law differs mainly from the one approved in El Salvador because in Panama the acceptance of crypto depends on the desire of the merchant, while in El Salvador the law maintains that “a business must accept Bitcoin if it has the technological means to do so”.

“Today I can go pay something to a merchant, and if the merchant wants to accept crypto, it is allowed, it is legal. Until today, that did not exist in Panama, we are making it a reality,” Silva said.

On the other hand, the bill approved by the Assembly contemplates that you validate as a form of payment “for any civil or commercial legal operation, including the payment of taxes, fees and rights to the government.”

The cryptocurrencies contemplated by the law as a form of payment are: bitcoin, ethereum, XRP, Algorand, Stellar and others that will be published soon.

M. Rodríguez

Source: decrypt.co

La entrada Legislative Assembly of Panama sanctions cryptocurrency law apareció primero en Bitfinance.