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Portugal previously did not regulate ICOs and while it didn’t regulate cryptocurrencies, it wants to tax them anyway. With this in mind, it may use EU regulations to reformat regulations to encompass cryptocurrencies.

Portugal is located in Europe (EU): The countries of the European Union hold a patchwork of individual attitudes towards cryptocurrency regulation, but all of them also fall under the jurisdiction of the EU Commission.

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Cryptocurrency trading in Portugal

Cryptocurrency has no specific legal framework in Portugal, and is not regulated, through the country has expressed its desire to tax crypto transactions nonetheless.

In January the EU came out with new directives on cryptocurrencies, asserting that “gaps still exist in the oversight of the many financial means used by terrorists, from cash and trade in cultural artefacts to virtual currencies and anonymous pre-paid cards. This proposal seeks to address those gaps while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens and businesses, so balancing the need to increase security with the need to protect fundamental rights, including data protection, and economic freedoms.”

In January the EU came out with new directives on cryptocurrencies, asserting that “gaps still exist in the oversight of the many financial means used by terrorists, from cash and trade in cultural artefacts to virtual currencies and anonymous pre-paid cards. This proposal seeks to address those gaps while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens and businesses, so balancing the need to increase security with the need to protect fundamental rights, including data protection, and economic freedoms.”

Mostly focused on ending anonymity among the crypto community, and preventing nefarious individuals from buying, funding, or selling orgs or resources. It does include the sharing of company and individual information with public entities at times, and affects exchanges and wallets.

Regulation of ICOs in Portugal

ICOs were warned against, but not regulated prior to the recent EU regulations that will affect them as well.

Cryptocurrency markets in Portugal

With the lack of regulation, Portugal has seen a number of start-ups around blockchain.

IBC’s planning and strategy team can provide expert advice on ICOs in different jurisdictions. If you’re thinking of holding an ICO in COUNTRY and you’d like more information, contact us here.