The finance ministry told AFP it was examining the issue and wants a uniform European framework, but there is mounting pressure to move quickly.

“Portugal has become a tax shelter,” Mariana Mortagua, a far-left MP, has stated flatly.

Even those who work in the cryptocurrency industry recognise that things must change.

“It’s tough to justify taxing traditional financial assets at around 28% but not cryptocurrencies,” said Pedro Borges of Criptoloja, Portugal’s first crypto exchange.

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