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Sri Lanka vs Portugal

Crypto regulation comparison

← Back to map | Sri Lanka | Portugal
Sri Lanka

Sri Lanka

Portugal

Portugal

Restricted
Legal

Sri Lanka has no specific cryptocurrency legislation. The CBSL has issued multiple warnings (2018, 2021, 2022, 2023) about crypto risks and has not authorized any entity to operate crypto exchanges, mining, or advisory services. Use of debit/credit cards for crypto is prohibited under the Foreign Exchange Act. The SEC has been discussed as a potential future regulator.

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 Central Bank of Sri Lanka, Securities and Exchange Commission
Regulator Banco de Portugal, CMVM (Securities Market Commission)
Stablecoin Rules No stablecoin regulation
Stablecoin Rules Regulated under EU MiCA framework
Key Points
  • CBSL has issued repeated warnings about crypto risks (2018, 2021, 2022, 2023)
  • No entity authorized to operate crypto exchanges, mining, or advisory services
  • Use of debit/credit cards for crypto prohibited under Foreign Exchange Act
  • CBSL requested criminal proceedings against crypto pyramid schemes
  • SEC discussed as potential future regulatory authority for digital assets
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