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Argentina vs Portugal

Crypto regulation comparison

← Back to map | Argentina | Portugal
Argentina

Argentina

Portugal

Portugal

Legal
Legal

Cryptocurrency is legal in Argentina and widely adopted due to persistent inflation and currency controls. The CNV regulates crypto service providers under a 2024 registration framework. Argentina has one of the highest crypto adoption rates globally, with stablecoins used as a hedge against peso devaluation.

Portugal was formerly a crypto tax haven with 0% capital gains tax on crypto for individuals, but the 2023 State Budget introduced a 28% capital gains tax on crypto held for less than one year. Crypto held for over 365 days remains tax-free for individuals. Banco de Portugal registers VASPs for AML compliance, and Portugal transitions to MiCA. Portugal attracted many crypto entrepreneurs due to its previously favorable tax regime and NHR (Non-Habitual Resident) program.

Tax Type Income
Tax Type Capital gains
Tax Rate 5% (peso-denominated) / 15% (foreign currency)
Tax Rate 28%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator CNV (Comisión Nacional de Valores), BCRA
Regulator Banco de Portugal, CMVM (Securities Market Commission)
Stablecoin Rules No specific stablecoin regulation; USD-pegged stablecoins widely used informally
Stablecoin Rules Regulated under EU MiCA framework
Key Points
  • CNV registered as the regulatory authority for virtual asset service providers (VASPs) under FATF guidelines
  • Crypto gains taxed as income under the income tax law at progressive rates
  • High adoption driven by inflation and capital controls on the Argentine peso
  • Exchanges must register with the CNV and comply with AML/KYC requirements
  • No legal tender status for crypto; the peso remains the only legal tender
Key Points
  • 28% capital gains tax on crypto sold within 365 days (introduced in 2023 budget)
  • Crypto held for more than 365 days is exempt from capital gains tax for individuals
  • Banco de Portugal oversees VASP registration for AML/CFT compliance
  • CMVM regulates crypto where classified as securities
  • Former 0% tax regime attracted crypto entrepreneurs; NHR tax regime phased out in 2024
Sources
Sources