Portugal’s Central Bank Issues First-Ever Operational Licenses to Local Cryptocurrency Exchanges

June 23, 2021
Portugal’s Central Bank Issues First-Ever Operational Licenses to Local Cryptocurrency Exchanges

Banco de Portugal, the central bank of Portugal, has issued operational licenses to 2 cryptocurrency exchanges in the country for the first time ever. The two crypto exchanges that received the licenses are Criptoloja (based in Lisboa) and Mind The Coin (based in Braga).

In a statement, the CEO of Criptoloja, Pedro Borges, has said:

“It was a long way. Being the first regulated exchange in Portugal means a lot.”

Reports say that this crypto exchange was the first to file for the license on September 29, 2021. It is being learned that the Central Bank of Portugal has received 5  formal registration requests and 60 informal requests from cryptocurrency exchanges in 2021. 

The central bank’s notice said:

“Notice of the Banco de Portugal regulates…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.”

The new license given to the two crypto exchanges will overlook:

  1. The services across the exchange between one or more cryptos and fiat currencies 
  2. Transfer services of cryptos
  3. Safekeeping and/or administration of cryptos
  4. Safekeeping and/or administration of private encrypted keys and other instruments that enable the control, ownership, storage, or transfer of such assets. 

With the legal registration of Criptoloja and Mind The Coin, these two companies will be able to provide exchange services to cryptocurrency users in Portugal. Criptoloja will reportedly start its operations in the next couple of weeks. 

This move by the Central Bank of Portugal has given a shot in the arm to the crypto industry. Portugal is one of the few countries that is Bitcoin and cryptocurrency-friendly. The Portuguese government’s approach towards regulating the industry rather than banning it altogether has increased hope towards richer dividends to the users in the future. 

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