Monaco vs Portugal
Crypto regulation comparison
Monaco
Portugal
Legal
Legal
Monaco has no income or capital gains tax. The CCAF oversees financial activities. Monaco has shown interest in blockchain technology and digital assets.
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
No tax
Tax Type
Capital gains
Tax Rate
0%
Tax Rate
28%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Commission de Contrôle des Activités Financières (CCAF)
Regulator
Banco de Portugal, CMVM (Securities Market Commission)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Regulated under EU MiCA framework
Key Points
- No income or capital gains tax
- CCAF provides financial regulatory oversight
- Government has shown interest in blockchain technology
- Working on digital asset regulatory framework
- Small but active fintech community
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