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Italy vs Portugal

Crypto regulation comparison

← Back to map | Italy | Portugal
Italy

Italy

Portugal

Portugal

Legal
Legal

Cryptocurrency is legal in Italy with a 26% capital gains tax on crypto profits exceeding €2,000 per year. VASPs must register with the OAM (Agents and Mediators Register). Italy was one of the first EU countries to require VASP registration and has aligned with MiCA.

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 Capital gains
Tax Type Capital gains
Tax Rate 26%
Tax Rate 28%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator OAM (Organismo Agenti e Mediatori), Consob, Banca d'Italia
Regulator Banco de Portugal, CMVM (Securities Market Commission)
Stablecoin Rules Regulated under EU MiCA framework
Stablecoin Rules Regulated under EU MiCA framework
Key Points
  • 26% substitute tax on crypto capital gains exceeding €2,000 per year (since 2023 budget law)
  • Italian government proposed raising crypto tax to 42% for 2025 but this was reduced back to 26%
  • VASPs must register with OAM and comply with AML requirements
  • Crypto holdings above €51,645.69 were previously the threshold; new regime simplified this
  • MiCA framework applicable from December 2024
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