The government of Portugal proposed a new cryptocurrency tax policy to be adopted as part of its 2023 national budget. A 28% capital gains tax will be imposed on gains made on cryptocurrency holdings held for less than one year. However, gains realised on crypto assets held for more than one year will be exempt from the tax. The government also plans to impose a 4% tax on any free crypto transfers and will apply stamp duties where applicable. The new tax proposals are in line with statements made by Portugal’s Minister of Finance, Fernando Medina, regarding the crypto tax earlier this year.