The Portuguese Congress has rejected two crypto tax proposal bills. The bids which failed to gain support from the Portuguese lawmakers were proposed by Livre and Bloco the two left-wing parties with little representation in the Portuguese congress.

It is reported that the government also has plans to apply taxes as the Minister of Finance, Fernando Medina, recently declared that the country will soon subject cryptocurrencies to capital gain taxes, although they are yet to submit a proposal.

The founder of DuoVerse and VMining, Derek “Isaac” Kaplan, welcomed the news of rejection saying that any “unreasonable taxation” would harm the growth of the cryptocurrency sector.

Having established itself as a crypto-friendly nation, Portugal continues to maintain a zero-percent tax rate on profits from private crypto investments.

Featured image source: Blaze trends.