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Portugal’s Central Bank Issues Crypto-Related Licenses to Two Exchanges

Banco de Portugal, Portugal’s central bank has issued the first two crypto licenses to crypto exchanges following the new law. Official publication says that Criptoloja, Mind The Coin, and Banco de Portugal will now be legally permitted to operate in the country.

“Banco de Portugal’s supervision of virtual assets service providers as determined by Law No. 83/2017, 18 August 2017, is restricted to AML/CFT purposes only,” explained the central bank about its legal coverage concerning virtual currencies.

Banco de Portugal clarified that the existing law permits any licensed or authorized crypto company to offer exchange services between fiat currencies and cryptocurrencies, as well as transfer services of virtual asset.

How to get a license

To apply for a license to operate in Portugal, companies must fill out three forms following the guidelines of the Banco de Portugal. These guidelines can be found on the Banco de Portugal’s official website. The central bank explained that Article 112-A of Law No. 83/2017 and Notice from the Banco de Portugal No. 3/2021of 23/04/2021 (‘Notice No. 3/2021’), regulate the registration process with Banco de Portugal for entities that plan to perform activities on Portuguese territory with virtual assets subjected to registration as well as any subsequent changes to the elements to register.

Finance Magnates reported in March that the Portuguese judicial police had taken an interest the internet influencers. This was after thousands of Portuguese signed an on-line petition. They also analyzed the content of YouTubers and other influencers on social media platforms to find illegal activities related cryptocurrency. Authorities were especially interested in indirect crypto scams, as many influencers promoted fake giveaways.

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