365-day rule
Gains on crypto held ≥ 365 days are fully exempt from IRS.
Crypto-to-crypto
Swapping crypto for crypto is not a taxable event.
FIFO applies
Oldest acquired assets are treated as sold first.
Provider reporting
Exchanges must report your trading data to AT by end of January.
Crypto Asset Definition & Capital Gains Rules
The IRS Code now formally defines a crypto asset as "any digital representation of value or rights that can be transferred or stored electronically using distributed recording technology or similar technology." Unique, non-fungible crypto assets (NFTs) are explicitly excluded from this definition.
Category B Coefficients for Crypto Income
For taxpayers under the simplified regime, two different coefficients now apply to crypto income:
0.15
Applied to operations with crypto assets (excluding mining). Equivalent to trading, selling, or exchanging crypto.
0.95
Applied to income from mining crypto assets, capital gains, and other equity increments.
Crypto income under Category B is recognised at the time of the onerous disposal of the crypto assets, applying the same rules as Article 10 §20.
FIFO — First In, First Out
When calculating gains and losses, the law now explicitly states:
This confirms FIFO (First In, First Out) as the mandatory cost-basis method for crypto in Portugal. When you hold the same asset across multiple purchase dates, the earliest-acquired units are considered sold first. If your crypto is held with more than one provider, FIFO applies separately per provider.
Exchange & Provider Reporting Obligations
Crypto-asset service providers — including custodial wallets and trading platforms — are now legally required to report to the AT (Tax and Customs Authority) by end of January each year for each taxable person, covering all operations carried out with their intermediation in the prior year.
What this means for you
From the 2026 tax year onward (first reports due January 2027), the AT will have automatic access to your exchange data. Your IRS filing will be cross-checked against this information — gaps or omissions will be visible.
Transitional Norm — Pre-Law Holdings Count
Crypto assets acquired before the entry into force of this law have their holding period counted towards the 365-day exemption. If you bought Bitcoin in 2021 and still hold it today, that entire period counts — you don't restart the clock.
IRC Simplified Regime — Crypto Coefficients
For corporate taxpayers under the simplified IRC regime, the applicable coefficients mirror the IRS rules:
- 0.15Income from crypto-asset operations (excluding mining, capital gains, and other equity increments)
- 0.95Income from mining, capital gains balance, and other equity increments
Stamp Duty & Crypto-Asset Service Providers
Crypto-asset service providers are now subject to Stamp Duty on commissions and fees at a rate of 4% on the amount charged (General Table item 30). This applies whenever the provider or customer is domiciled in Portugal.
No withdrawal of deposited crypto assets that formed the object of a free transmission may be authorised without proof that the applicable Stamp Duty has been paid (or that a declarative exemption obligation has been fulfilled).
Taxable Value of Crypto Assets (Stamp Duty Code)
A new article establishes how the taxable value of crypto assets is determined for Stamp Duty purposes, in order:
- 1Specific rules provided for in the Stamp Duty Code
- 2Official market quotation value, if available
- 3Value declared by the head of a couple or beneficiary, approximating market value as closely as possible
The AT reserves the right to substitute the declared value with market value if it reasonably suspects a discrepancy.
Questions?
If you have any further questions regarding these adjustments and how they affect your situation, reach out to us directly.