On Wednesday, Portugal’s Congress, Assembleia da República, rejected two bills that sought to tax cryptocurrencies.
Presented by Livre and Bloco, The bills were introduced by two left-wing parties with little representation in the Portuguese Congress, local media Sapo reported.
There is no bill submission so far by the ruling Socialist Party, which holds the majority of the legislative assembly after the Portuguese Minister of Finance Fernando Medina announced last week that cryptocurrencies will be subject to taxation in the near future.
“Many countries already have systems, many countries are building their models in relation to this subject and we will build our own,” he said.
Portugal has an effective capital gains rate of zero on crypto, in comparison to the current capital gains tax rate for financial investment, of 28%.
Susana Duarte, an associated partner at Abreu Advogados law firm in Lisbon, told CoinDesk last week that the new policy proposed by the government would include a capital gains tax.
On the other hand, a total of $4.5 billion was raised for its fourth cryptocurrency fund, bringing its total funds raised for digital currency investments so far to more than $7.6 billion said Venture capital giant Andreessen Horowitz said on Wednesday
A total of $1.3 billion from the fund will be used to invest in seed rounds of startups and $3 billion for venture investments, the company said.
The latest funding comes after a sharp fall in the value of cryptocurrencies in recent weeks, with bitcoin losing over a third of its value in just two months.
In June last year, Andreessen Horowitz uncovered a $2.2 billion fund to invest in crypto networks. To invest across startups in different sectors, the firm raised $9 billion across three new funds earlier this year.