- 268,000 people invest in digital assets
- This is almost half the global average adoption of cryptocurrencies
Portuguese residents are cautious about digital assets, although the cryptocurrency industry in general is growing in the country. Local media The Portugal News reports that about 268,000 people in Portugal are actively investing in digital currencies, which is about 2.6% of the country’s population. This indicates progress, but the number of investors in cryptoassets is half the global average. Obviously, the population is cautious about cryptoinvestment.
A particular contrast is noticeable when compared to countries such as the UAE, India, China and the United States, where most citizens are investors in digital assets.
In Portugal, cryptoinvestment has seen a steady growth due to technological advances, low taxes on cryptocurrencies, the move of web3 companies and the growing acceptance of cryptocurrencies as an effective form of investment.In addition, Portugal continues to be at the forefront of cryptocurrency taxation, having adopted new rules for cryptoassets that came into force on Jan. 1, 2023, after much discussion by the government. These laws clarify and reflect the country’s unique characteristics compared to the broad global tax regulation of cryptocurrencies.
Despite promising factors, the low number of crypto-investors indicates a degree of caution among the local population. A favorable environment for cryptocurrencies can encourage the growth of cryptocurrency startups and be beneficial to the technologically aware and educated. But so far the majority of the population remains in the background, perhaps due to a lack of awareness and understanding of the risks and benefits associated with digital assets.
In May 2023, the number of cryptocurrency owners reached 420 million, by the way. This is approximately 4.2% of the total population.