Assembleia da República, the Portugal parliament, has rejected two separate tax proposals on regulating Bitcoin and the other cryptocurrencies, as confirmed by the Portuguese economic weekly ECO.
Both of the bills were proposed by the opposition party, while the majority party has not brought forth any bills of their own yet. In spite of this, however, crypto tax regulation stays in the focus of the government.
The Minister of Finance, Fernando Medina has expressed his support for crypto tax regulation initiatives and said that the government is going to start working on a whole new regulatory framework:
“Many countries already have systems, many countries are building their models in relation to this subject and we will build our own.”
While the minister did not specify the timeframe in which this regulation should arrive, he appears to be adamant about its future implementation. And while appropriate regulation is always positive, many are afraid that the government might adopt a strict approach. However, with the country planning to build its own regulation, it is too early to predict which route it will take.