Portugal\u2019s central bank, Banco de Portugal, has issued the first two crypto-related licenses for crypto exchanges after the new law was enacted. According to the official publication, Criptoloja and Mind The Coin will be able to run operations within the country, now having legal permissions to accept Portuguese customers.<\/p>\n
\u201cBanco de Portugal\u2019s supervision regarding virtual assets service providers, as determined by Law No 83\/2017 of 18 August 2017, is limited to AML\/CFT purposes and does not extend to other areas of a prudential, market conduct or any other nature,\u201d the central bank clarified about its legal coverage regarding virtual currencies.<\/p>\n
The existing law allows any authorized or licensed crypto company to carry exchange services between cryptocurrencies and fiat currencies, transfer services of virtual assets, \u201csafekeeping and\/or administration of virtual assets or instruments that enable the control, ownership, storage or transfer of such assets, including private encrypted keys,\u201d Banco de Portugal clarified.<\/p>\n
For companies to apply for a license in Portugal, the law requires them to fill three forms according to the Banco de Portugal\u2019s guidelines that can be found on its official website. \u201cArticle 112-A of Law No 83\/2017 and Notice of the Banco de Portugal No 3\/2021of 23 April 2021 (\u2018Notice No 3\/2021\u2019) regulate the registration process with the Banco de Portugal of entities that intend to carry out, within Portuguese territory, activities with virtual assets subject to registration, as well as subsequent changes to the elements to be registered,\u201d the central bank clarified.<\/p>\n