Portugal Begins Approving Cryptocurrency Exchanges — Two Licensed So Far – Regulation Bitcoin News

Portugal now has two approved cryptocurrency exchanges. The country’s central bank, Banco de Portugal, has licensed Mind the Coin and Criptoloja.

  • In Portugal, the central bank is responsible for registering companies that intend to act as Virtual Asset Service Providers (VASPs). In addition, the bank must ensure that the legal and regulatory provisions for the prevention of money laundering and terrorist financing (AML / CFT) are complied with.
  • Mind the Coin supports Bitcoin, Litecoin and Monero. “Buy Bitcoin or other cryptocurrencies at our terminals or P2P online,” the company said.
  • Criptoloja, based in the heart of Lisbon, claims to be “the first 100% Portuguese company to offer the service for buying and selling Bitcoin and other cryptocurrencies”.
  • The central bank made it clear:

The supervision of the Banco de Portugal in relation to virtual asset service providers, as established in Law No. 83/2017 of August 18, 2017, is limited to AML / CFT purposes and does not extend to other areas of supervision, market conduct or other kind.

  • Companies that offer exchange services with or without the use of fiat currencies are required to be registered.
  • In addition, companies providing crypto transfer services and “custody and / or management of virtual assets or instruments that enable the control, ownership, storage or transfer of such assets, including private encrypted keys” must also offer themselves Register central bank.

What do you think of cryptocurrency exchange licensing in Portugal? Let us know in the comments section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Recent articles

Crypto exchanges struggle as El Salvador adopts Bitcoin

Today, Bitcoin is becoming an official currency in El Salvador, and the markets and crypto exchanges seem to be struggling. On...

Schools are back – and time to comply with the ICO’s Age Appropriate Design Code

As of September 2, 2021, the United Kingdom's Information Commissioner's Office ("ICO") expects organizations to use their Age Appropriate Design Code ("AADC"). The...

the ICO wants input on when personal data goes international

You don't have to be a data-focused IT service provider to realize that the UK was lucky enough to receive an adequacy decision from...