Apartment Sold for Bitcoin in Portugal After New Regulation Allows Property Deals in Crypto – Bitcoin News

An apartment in Portugal has changed hands, with the buyer paying directly in cryptocurrency in the first reported case in the country. The house was bought for 3 bitcoins without conversion to euros, under a new regulation that allows real estate transactions with digital currencies.

Buyer pays with Bitcoin for apartment in Braga, Portugal

A three-room (two-bedroom) apartment in the Portuguese city of Braga was bought with cryptocurrencies without any conversion to fiat money. Local media reports have described the deal as the first in the history of the country’s property market.

The new owner paid 3 bitcoins (BTC) for housing, valued at about 110,000 euros at the time of purchase. The property title was transferred in the Póvoa de Varzim district of Porto last Thursday, May 5, the Idealista business news portal revealed.

The purchase was made with the help of Zome real estate agency, Antas da Cunha Ecija law firm, and Crypto Valley partners from Switzerland. The President of the College of Notaries of Portugal also participated.

Buying properties directly with cryptocurrency is now possible in Portugal thanks to a new provision recently adopted by the Order of Notariesbody that regulates notarial activity together with the Ministry of Justice.

In the past, coins had to be converted to euros before making a payment to the seller. Now, the acquisition of real estate can be a 100% cryptographic operation, in which digital money is exchanged for property rights.

Certain procedures must be followed to make such sales, in order to comply with anti-money laundering regulations. The source of the fiat funds (a bank account) with which the digital assets were purchased must be indicated and the public address of the crypto wallet must be presented before transferring the coins.

News of the ownership deal with crypto funds comes after a recent Bank of Spain report revealed that Portugal’s share of crypto transaction volume in the eurozone exceeds the weight of its gross domestic product (GDP) in the economy. of the single currency area.

With relatively affordable costs of living and a cryptocurrency-friendly tax regime, Portugal has become a hub for technological innovations, a home for digital nomads, and more recently for refugees of the Ukrainian crypto sector. Profits from the sale of bitcoin and the like are not subject to income tax in the country.

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Department, Bitcoin, BTC, crypto, crypto payment, CRYPTOCURRENCIES, cryptocurrency, cryptocurrency payment, House, House, payment, Portugal, Portuguese, property, buy, Real estate, Regulation, Regulation, regulator, reduction, Tax

Do you expect other European nations to allow the purchase of real estate through direct payments in cryptocurrencies? Let us know in the comments section.

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Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’s quote: “Being a writer is who I am, rather than what I do.” In addition to crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

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