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Portugal legalises cryptocurrency as Central Bank Gives license To Exchanges

BY LEVI JOHNSON

Portugal has legalised cryptocurrency as its central bank-issued first license to local cryptocurrency exchanges.

By this official licencing, it becomes a crypto-friendly country, as it takes steps to regulate the local Bitcoin scene. 

Speaking in this regard, Banco de Portugal, the country’s central bank said it has issued operating licenses to Criptoloja from Lisbon and Mind The Coin from Braga.

Pedro Borges, CEO of Criptoloja said: “It’s been a long journey, being the first regulated exchange in Portugal means a lot.”

It was gathered that before the issued licence, the exchanges reportedly applied for its first license in September 2020.

Latoken reports that regulation is limited to AML / CFT purposes and does not apply to other prudential, market, or any other activity areas, the bank said.

READ ALSO: Beware of these delisted Crypto coins from 20 Exchanges

Banco de Portugal reportedly received five formal registration requests from exchanges and more than 60 “unofficial” contacts this year.

“The Banco de Portugal Notice regulates … organizations that intend to operate in Portugal with virtual assets subject to registration, as well as subsequent changes to the elements that must be registered,” the notice says, referring to cryptocurrencies as “virtual assets.”

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