Montenegro vs Portugal
Crypto regulation comparison
Montenegro
Portugal
Legal
Legal
Montenegro has no specific crypto law but crypto is not prohibited. Working toward EU candidacy and potential MiCA alignment. Capital gains taxed under general provisions.
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
9-15%
Tax Rate
28%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Central Bank of Montenegro, Capital Market Authority
Regulator
Banco de Portugal, CMVM (Securities Market Commission)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
Regulated under EU MiCA framework
Key Points
- No specific cryptocurrency legislation but crypto is legal
- Working toward EU candidacy and MiCA alignment
- Capital gains on crypto taxed at 9-15%
- Central Bank has acknowledged crypto without banning it
- Growing interest in crypto-friendly policies
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