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Rules since 2023What counts as a disposalStaking and other crypto incomeProfessional tradingReportingCommon questionsRules since 2023
Portugal's era of untaxed crypto ended with the 2023 state budget, which wrote cryptoassets into the tax code for the first time. The framework it created still stands for 2026: gains on crypto held for less than 365 days are taxed at a flat 28%, and gains on crypto held for 365 days or longer are exempt for private investors. Holding periods that started before 2023 count toward the 365 days.
The exemption is the headline, but it comes with edges. It covers capital gains only, so income from crypto is taxed under separate rules, and it does not apply where the counterparty or the assets sit in a blacklisted jurisdiction. Unique, non-fungible assets sit largely outside the definition the rules use, an area worth professional advice if NFTs are a meaningful part of your holdings.
What counts as a disposal
Tax attaches when you dispose of crypto, and the definition is narrower than many expect:
| Event | Taxable? | Treatment |
|---|---|---|
| Selling crypto for euros or any fiat | Yes | Gain taxed at 28% if held under 365 days; exempt if held longer |
| Swapping one crypto for another | No | No tax at the swap; the original cost and acquisition date carry into the new asset |
| Paying for goods or services with crypto | Yes | Treated as a disposal at market value |
| Moving between your own wallets | No | Not a disposal |
The crypto-to-crypto deferral means a long trading history can collapse into one taxable moment: the day you finally cash out to fiat. At that point the gain is measured against the cost of the earliest acquisition in the chain, using FIFO where tranches mix.
Worked example
Tomas buys 5,000 euros of bitcoin (a round figure for illustration), swaps it into ether nine months later, then sells the ether for euros 300 days after the original purchase.
The swap itself was never a taxable event; the holding period runs from the original bitcoin purchase, and had Tomas waited past day 365 to cash out, the same gain would have been exempt, though still reported in Anexo G1.
Staking and other crypto income
Rewards from staking, lending, and similar passive arrangements are investment income (category E), taxed at the flat 28% rather than under the gains rules. Where the reward is paid in kind, in more crypto rather than in money, taxation is generally deferred until you dispose of the tokens received, at which point the market value comes into account. The 365-day exemption is a capital gains rule, so do not assume it shelters reward income; how a later sale of long-held reward tokens is treated deserves a professional read for large positions.
Professional trading
Frequent, organized, profit-seeking trading can be classified as a professional activity, which moves everything into category B (self-employment). That means no 365-day exemption, progressive rates or the simplified regime coefficients, and social security exposure. Mining and validation activity points the same way. There is no bright-line trade count; the classification looks at the overall picture. If your activity resembles a business, read the simplified vs organized accounting guide and get an opinion before assuming the private-investor rules apply.
Reporting
Make a transaction trail
An evidence-organising aid for this guide. These labels do not decide the tax treatment of a transaction.
- Identify the eventAcquisition, swap, disposal, reward or transfer between your own wallets?
- Connect the recordsDate, asset, quantity and the originating platform or wallet.
- Keep the valuationRecord the value and method used, then check the reporting section.
Keep the full history
Dates, amounts, euro values, and counterparties for every acquisition and disposal. The exemption and the 28% rate both turn on dates you have to be able to prove.
Declare taxable gains
Short-held gains go in the cryptoasset block of Anexo G of your Modelo 3, with acquisition and sale values and dates.
Declare exempt gains too
Gains exempt under the 365-day rule are still reported, in Anexo G1, the schedule for non-taxed amounts. Exemption removes the tax, and the reporting duty stays.
Cover the income side
Staking and similar rewards belong in the investment income annexes, and foreign platform income in Anexo J. See the first Modelo 3 guide for how the annexes fit together.
Common mistakes
- Not reporting exempt gains. The 365-day rule removes the tax, not the declaration; long-held disposals still go in Anexo G1.
- Stretching the exemption to staking. Rewards are investment income taxed at 28%, not capital gains; the 365-day rule does not shelter them.
- Losing the acquisition dates. Both the exemption and the 28% rate turn on dates you can prove; without records the position defaults against you.
- Forgetting the exit rule. Ceasing Portuguese residency is treated as a disposal at market value, so leaving without planning can crystallise the whole portfolio at once.
- Trading like a business on private-investor rules. Frequent, organized, profit-seeking activity can be reclassified into category B, which removes the exemption entirely.
Common questions
I bought in 2019 and sell in 2026. Taxable?
Holding predating the 2023 rules counts toward the 365 days, so a 2019 purchase sold now is well past the line and the gain is exempt. Report it in Anexo G1.
Are stablecoin swaps disposals?
Swapping into a stablecoin is still a crypto-to-crypto exchange under the rules, so no tax at that point and the basis carries over. Converting the stablecoin to euros is the taxable step.
Does the exemption apply if I use a foreign exchange?
Generally yes, if you are a Portuguese tax resident, though exchanges and counterparties in blacklisted jurisdictions lose the exemption. Where your residency actually sits is its own question; see the tax residency guide.
Do exchanges report me to the tax office?
Reporting obligations on platforms are expanding across the EU, so assume visibility rather than betting against it. Your own declaration duty exists regardless of what the platform files.
Sources
- CIRS cryptoasset provisions introduced by the 2023 state budget (Lei 24-D/2022)
- Autoridade Tributária, Modelo 3 Anexo G and G1 instructions (cryptoasset blocks)
- Koinly, CoinTracker and Madeira Corporate Services Portugal crypto tax 2026 guides (checked August 2026)
This guide is general information, not personalised tax advice. Rules and rates change, and your facts can move you off the defaults described here. Confirm your position with a qualified professional before acting on it.