Global regulation of the crypto market is moving forward in several countries. In addition to El Salvador, which has made bitcoin a legal tender, Portugal, Mexico, and Honduras are developing initiatives to acknowledge the crypto asset.
Lawmakers presented the pro-bitcoin vision of the three countries during Bitcoin 2022. The event took place last week in Miami, in the United States, bringing together experts and enthusiasts of the crypto market.
Former Blockstream chief strategy officer Samson Mow invited lawmakers to talk about the cryptoasset regulation at Bitcoin 2022. Currently, Sam Mow is working on creating solutions geared toward adopting digital currency globally.
According to the Prospera economic center president, Joel Bomgar, in Honduras, bitcoin adoption is advancing. He said that in the South American country, the cryptoasset is used as legal tender, as it has been since September 2021 in El Salvador.
Bitcoin in Mexico and Portugal
In addition to Honduras, Mexico has presented some initiatives for adopting the digital currency. Thus, in Bitcoin 2022, Senator Indira Kempis stated that the country plans to create a regulation for the cryptoasset.
As a result, the parliamentarian confirms that bitcoin can also be considered legal tender in Mexico. Meanwhile, in Portugal, a region does not charge any tax for Bitcoin investors.
Such is the case in the Madeira Islands. Recently, the Portuguese island announced a proposal that may attract cryptoasset investors with tax exemption. In addition, the region plans to adopt bitcoin as legal tender, told the president of the Madeira region in Portugal, Miguel Filipe Machado de Albuquerque.
“I believe in the future, and I believe in Bitcoin. People in Madeira who buy and sell bitcoin pay no taxes. They are not subject to income tax”.
El Salvador was the first country to recognize bitcoin as legal tender. After that, other countries are moving toward creating legislation for cryptoassets.
Like Portugal, Honduras, and Mexico, the United States and Brazil are moving forward with legislative proposals on digital currencies. However, so far, El Salvador is the only country to consider bitcoin as a legal tender.