Liberia vs Portugal
Crypto regulation comparison
Liberia
Portugal
Restricted
Legal
The CBL has not issued crypto licenses and considers unauthorized crypto products illegal. No specific crypto legislation exists but the Financial Institutions Act requires licensing for all financial services.
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
None
Tax Type
Capital gains
Tax Rate
N/A
Tax Rate
28%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Central Bank of Liberia
Regulator
Banco de Portugal, CMVM (Securities Market Commission)
Stablecoin Rules
No stablecoin regulation
Stablecoin Rules
Regulated under EU MiCA framework
Key Points
- CBL has not approved any crypto licensing
- Unauthorized crypto products deemed illegal under Financial Institutions Act
- CBL shut down local crypto startup TACC in 2021
- No specific crypto tax framework
- Very low crypto adoption due to limited internet access
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