Cryptoactive service platforms will now be legally obliged to communicate to the Tax Authorities who are the users residing in the country. Information will also be shared between EU countries to combat tax evasion.
A new government law proposal requires that cryptoactive service providers are subject to new tax reporting obligations in Portugal, as part of the transposition of the European directive known as DAC8. The measure provides for these entities to annually communicate to the Federal Revenue Service (AT) detailed information about users residing in the country and their operations with crypto assets.
The new regime should enter into force on January 1, 2026 with retroactive effectalthough Portugal should have already transposed the directive by the end of 2024, and is currently in non-compliance with European institutions.
The central objective of the measure is reinforce the fight against fraud and tax evasionincreasing transparency in a sector that, until now, has operated with little supervision. Covered entities, known as “Crypto-Asset Service Providers” (CASP), will have to collect and report data on transactions such as exchanges between cryptoassets and traditional currency, payments in cryptocurrencies and transfers to external wallets, explains the .
Although there is already tax legislation applicable to cryptoassets in Portugal, the declaratory obligation on the part of these platforms was never fully implementedleaving AT without access to structured information about this type of operations.
With the new rules, the Tax Authorities will have a much more comprehensive volume of datawhich will allow you to identify potential undeclared income. Furthermore, the information collected will be shared with other Member States of the European Union and, in certain cases, with third countries, within the scope of international tax cooperation agreements, including those promoted by the OECD.
Failure to comply with new obligations may result in fines that can reach 22 thousand eurosas well as the revocation of the registration of entities or even the cessation of their activity in the European space.
Still, the scope of the directive does not encompass the entire crypto ecosystem. Several decentralized activities are left out, such as DeFi platforms, self-custody wallets or transaction anonymization systems, where greater fiscal risks and less regulatory visibility remain.
