Crypto-friendly Portugal Attracts Ukrainian Nationals

UTC by Babafemi Adebajo · 2 min read
Crypto-friendly Portugal Attracts Ukrainian Nationals
Photo: Unsplash

Some of the crypto immigrants have noted that moving to Portugal presents great opportunities.

As the Russian invasion of Ukraine continues, a report has shown that crypto-friendly Portugal is a top destination of Ukrainian refugees, especially those with crypto interests.

Before the Russian invasion, Ukraine was beginning to establish itself as a crypto hub. The government has been taking steps to legalize and regulate the country’s cryptocurrency ecosystem. Before the invasion, President Volodymyr Zelenskyy signed the law “On Virtual Assets.” Since the war started, the country has also had to resort to crypto donations to fund its military assets and bring humanitarian support to its citizens.

Like Ukraine, Portugal is a crypto-friendly space. It charges zero-percent taxes on digital-currency gains that are not from professional activities, affordable living costs and mild temperatures. Likewise, there are multiple crypto unicorns worth over $1 billion. Worthy of note is Anchorage Digital, a US-based digital asset bank, co-founded by Diogo Monica.

Reports suggest that over 13,000 Ukrainian nationals have arrived in Portugal since the country eased its entry requirements for Ukrainian nationals. From just 27,200 in 2021, Ukrainian nationals in Portugal are now about 40,000. As a result, Ukrainian nationals in Portugal are now the nation’s third-largest group of foreign citizens.  The list is topped by Brazilians and followed by British citizens in the second position.

Crypto-friendly Portugal Presents Opportunity

Beyond being a survival move, some of the crypto immigrants have noted that moving to Portugal presents great opportunities.

On his part, Valentin Sotov, a software developer involved in blockchain fled from Mukachevo to Lisbon. Sotov has been working on a crypto-based metaverse game with the theme, Amber.  Sotov said, “There is a big opportunity for our product because we can work with a lot of IT people in one place.” Despite admitting the accommodation challenges, Sotov is looking to set up shop with two of his colleagues who left Ukraine with him.

Like Sotov, Maria Yarotska will be able to continue her job with her company, Near. This comes on the heels of Near’s expansion in Portugal. “I have a lot of colleagues here to help me legalize my documents so I can stay,” Yarotska stated.

There are suggestions that even Spanish Bitcoin lovers are beginning to migrate over into Portugal. This is not surprising seeing as the Spanish government mandated all its citizens to declare their crypto holdings to prevent tax fraud.

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Babafemi Adebajo

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.

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