Fernando Medina, Portugal's finance minister has recently submitted a budget draft proposal to parliament calling for a 28% tax on capital gains from cryptocurrencies such as bitcoin (BTC-USD) held for less than a year.The country has already taxed crypto-linked capital gains from business-focused activities, CoinDesk pointed out, though citizens were spared.Furthermore, crypto mining as well as proceeds from crypto issuances would be considered income and thus levied under the proposed legislation, which still needs to go through the full law-making process.As crypto use for investment- and financial-related activities grows globally, some nations are exploring how they can regulate crypto via taxation, including the U.S., U.K., India and South Korea.Earlier, OECD introduces global tax reporting framework for crypto assets amid "rapid adoption."
