Bank of Portugal issues crypto licenses
The Bank of Portugal has approved two companies of Portugal to run crypto-related operations in Portugal. They are now allowed to operate in Portugal and onboard Portuguese clients.
The Bank of Portugal is the competent authority for overseeing the activities of entities providing virtual assets services and compliance with the legal and regulatory provisions governing AML.
When carried out within Portuguese territory, the following activities require previous registration with the Bank of Portugal:
- exchange services between virtual assets and fiat currencies or between one or more forms of virtual assets;
- transfer services regarding virtual assets;
- safekeeping and/or administration of virtual assets or instruments that enable the control, ownership, storage, or transfer of such assets, including private encrypted keys.
For regulatory purposes, individuals, legal persons, or other entities incorporated or established in Portugal conducting activities related to virtual assets must file for licensing. Furthermore, non-resident individuals, legal persons, or other entities pursuing activities related to virtual assets must also apply for a license if they are required to register with the Portuguese tax authorities.
GFDL Advogados assists both individuals and companies regarding doing business, investing, and moving to Portugal. For more information contact us.
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