Portuguese Police Seize Over $1 Million Worth of Crypto

Reports from Lisbon say that the Portuguese Police have uncovered over a million dollar funds converted to crypto. The authorities have long seized the recovered money, and further investigations into the matter have long been launched. So far, the Police said they have since arrested ten suspects linked to the crime during a raid. The converted funds were said to have been obtained from a fake stock brokerage firm.

According to a statement by the PSP, the operation that led to the recovery had started earlier this month but ended on Thursday. He also revealed that the perpetrators of this crime are a known criminal gang that specializes in carrying out fraudulent activities and other economic offenses. Among the arrested gang members are eight adult males and two females of 20-40. The statement also revealed that all the suspects are of Brazilian nationality.

Also recovered during the raid are hundreds of digital devices, including computers and other electronic gadgets. While speaking to reporters about the incident, the spokesperson for the PSP said that the culprits created a fake stockbroking company and had it registered on the stock market.

He also added that the fraud group had planned to deceive stock investors into believing they were buying into the stock market, thereby defrauding them. He further revealed that the group selects victims from database applications that reveal an average prospective victim’s information. From his description, the application is not only meant to reveal the victim’s number but their hubbies, financial status, psychological temperament, personal interests, etc. 

The PSP later disclosed this group’s transaction’s outcome with their clients. In his words, “almost all the victims end up financially wrecked when they are done with them.” The PSP, in otherward, have reasons to believe that they have just dislodged a criminal group responsible for hundreds of cybercrimes in the country. This event is among other similar activities that have happened in the country. The government has been making progressive moves to kick-start a thriving crypto-propelled economy. But the continuous cybersecurity breach has frustrated the effort.

Portuguese Government Moves to Strengthen the Crypto

In response to the busted criminal gang, some financial analysts said that this is coming at a time when the country has introduced some crypto-friendly clauses in its monetary policies. Recall that Portugal drafted a proposal on the 17th of October, 2022, with details on cryptocurrency tax and other regulatory information.

The Portuguese government suggested a 28% income tax on all crypto assets held for less than a year in this new proposal. A recommended tax by an average trader or crypto holder is also affected by this. In the Portuguese budget bill, a crypto asset is defined as any digital asset of value that has the potential to be electronically stored using a distributable register or equivalent technology. 

In a vox populi about this development, most crypto stakeholders believe such a move will make the entire crypto space more responsible. Before this proposal, Portugal wasn’t the best country for crypto traders and investors. But coming up with such a move indicates that the government has awakened to the fact that cryptocurrency is the future. They also proposed a 28% tax on every capital gain from any cryptocurrency transaction.

It was also said that this policy wouldn’t affect those cryptocurrencies held longer than a year. According to the government representative, there is also a “free cryptocurrency transaction,” which said it would be taxed at 4% as a commission charge. Some crypto operators affected by this policy include miners, traders, and anyone transacting through a consensus crypto mechanism.

All classes of individuals involved in any business, industrial, or commercial activities enlisted under the said tax category are considered viable for this tax. The people believe that while the government is making efforts to create an enabling environment for the crypto industry, there should also be equivalent activities that guarantee the safety of every crypto stakeholder.

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