The talks about true adoption are concentrated around either country that has failing monetary systems or countries that spearhead the process of regulating crypto assets. The former has many citizens interested in hedging against inflation and storing money in crypto. The latter make headlines because they often set intriguing precedents.
On the other hand, countries like Portugal often avoid the spotlight. Nevertheless, nations like Portugal can be true adopters sooner than many other countries.
You can do a lot with crypto in Portugal
For starters, the country has a very interesting relationship with cryptocurrencies and considers them a form of money meaning that any purchases of BTC and ETH are exempted from the local version of VAT. It means that when you make profits from trading cryptocurrencies, you don’t have to report them or pay any income taxes. CEX platforms are having it easy in this country thanks to a relaxed crypto taxation stance which is more advanced than what is being currently discussed in the UK and Germany.
Employers also can use cryptocurrencies to pay their employees’ salaries without any questions from authorities. It is a great change that allows many people interested in crypto receive portions of their wages in crypto directly on their exchange accounts.
Several large property purchases were made using cryptocurrencies meaning that several realtors working in Portugal are familiar with paperwork and benefits related to using digital assets to purchase real estate property.
There are banks and other financial institutions that offer their services to locals interested in crypto. Whether you want to make a deposit or want to use your tokens conveniently by immediately swapping them for fiat, you will find such options.
We need more Portugals
It is great that many countries are having conversations about crypto adoption on the national level, but we certainly need more nations using the Portuguese approach. Simply removing barriers and allowing participants of the economy to figure out what to do will be actions enough to facilitate the growth of a national crypto sector.