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Cambodia vs Portugal

Crypto regulation comparison

← Back to map | Cambodia | Portugal
Cambodia

Cambodia

Portugal

Portugal

Restricted
Legal

Cambodia has a restrictive stance on cryptocurrency. The National Bank of Cambodia prohibits banks and financial institutions from dealing in crypto, and unlicensed crypto businesses are illegal. However, the government has shown interest in blockchain technology and launched Bakong, a CBDC-like payment system.

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 Unclear
Tax Type Capital gains
Tax Rate N/A
Tax Rate 28%
Exchanges No No
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator National Bank of Cambodia (NBC), SERC
Regulator Banco de Portugal, CMVM (Securities Market Commission)
Stablecoin Rules Bakong (CBDC) promoted as alternative; private stablecoins not specifically regulated
Stablecoin Rules Regulated under EU MiCA framework
Key Points
  • NBC issued a 2018 directive prohibiting banks from dealing in cryptocurrency
  • Unlicensed crypto exchanges and trading platforms are banned
  • Bakong digital payment system launched in 2020 using blockchain technology
  • SERC (Securities and Exchange Regulator) has discussed regulating crypto as digital assets
  • Despite restrictions, peer-to-peer crypto usage remains significant
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