portugal crypto law Archives

EU lawmakers pass Crypto Assets Regulation Bill

European Union lawmakers have signed the Markets in Crypto Assets Regulation (MiCA)— landmark legislation that hopes to regulate the digital asset space within the union. The MiCA bill asks those issuing crypto to publish a “crypto-asset white paper” containing information about their project.

The EU Parliament also passed an anti-money laundering bill that requests crypto transfers include data on the payer and payee.

Crypto prices today: Bitcoin down 1.7%, ETH falls 2.8%

Bitcoin is currently trading at $19,090.06, a decline of 1.71% over the previous day. Ethereum is down 2.77% over the last 24 hours to $1,281.75. Solana fell 4.2% to $31.55, while Cardano is trading lower by 6.17% at $0.396. Avalanche (AVAX) fell 5.4% to $16.01. The global crypto market cap stands at $919.65 billion, a 2.39% decline over the previous day.

Portugal plans to impose 28% tax on crypto gains

The Portuguese government has proposed a new crypto tax policy that would take effect as part of its 2023 national budget. It will impose a 28% capital gains tax on cryptocurrency gains made within one year. However, gains realized after one year of holding the crypto assets will be exempt from such a tax. The government also intends to impose a 4% tax on any free crypto transfers.

Bitcoin mining difficulty rises 14%, hits all-time high

Bitcoin mining difficulty hit a new all-time high of 35.61 trillion hashes on Monday, rising over 13.55% from the previous measure. New miners continue to join the network while existing miners ramp up their operations. The climbing difficulty comes in response to a total network hash rate of 257 exahashes per second (EH/s), which is near the record high that was reached last week.

Portugal’s Parliament rejects crypto tax proposals

The Portuguese Parliament voted against two separate proposals from minority political parties to tax crypto assets. The proposal had asked the government to consider taxing crypto profits over €5,000 ($5,340.45).

Earlier this month, the country’s Minister of Finance declared his commitment to start taxing crypto. He said the government would work on the regulatory framework, but declined to commit to any time frame.

Crypto prices today: Bitcoin down 0.25%, ETH falls 2.7%

Bitcoin is currently trading at $29,616.4, a 0.25% decline over the previous day. Ethereum falls 2.7% over the last 24 hours to $1,922.42. Solana fell 5.2% to $46.27, while Cardano is trading lower by 3.1% at $0.501. Avalanche (AVAX) fell sharply by 8.6% to $25.9. The global crypto market cap stands at $1.25 trillion, a 1.6% decline over the previous day.

Ethereum Beacon Chain suffers longest blockchain ‘reorg’ in years

Ethereum Beacon Chain experienced a potentially high-level security risk known as a blockchain “reorganization” today. A reorganization (or reorg) can happen either through a network failure such as a bug or a malicious attack, temporarily resulting in a duplicate version of a blockchain.

CoinDCX launches ‘Earn’ feature that pays interest on crypto

CoinDCX launched its crypto yield program ‘Earn’ where customers can earn interest on their crypto assets. The platform will deploy assets across multiple yield generating opportunities such as margin trading, lending, and staking to generate returns. The feature offers users full flexibility and control over their crypto with no lock-in periods and withdrawals at any time.

Andreessen Horowitz announces $4.5 billion Web3 fund

US-based venture capital firm Andreessen Horowitz formed a new $4.5 billion fund that will invest in crypto and Web3 companies. It will be the firm’s fourth fund to target digital assets, with over $7.6 billion being raised in total.

We found an interesting article on how crypto is taxed around the world. Read it here!