Getting permits to make commercial deals with digital assets is obligatory for firms offering their services in the field of virtual currency exchanges in this state. Crypto license in Portugal is a document giving businesspersons the opportunity to show their project is properly certified, verified, has a decent image and is a trustworthy element in a confident niche.
Crypto license in Portugal 2022: current regulations
We are getting inquiries about whether it is worth moving to Portugal to avoid taxation or pay less taxes when selling crypto-assets. In this jurisdiction, crypto-business is being discussed more and more. In recent years, blockchain has become of interest to society due to the rapid growth in the price of bitcoin, great interest in ICOs, as well as capitalization in crypto-market.
In this state, cryptographic assets aren’t the means for making payments and aren’t considered money. Nevertheless, they are subject to approval as alternatives for payments at level of arrangement if both parties agree to a transaction with crypto. Also, cryptocoins have their own features within country, which are very similar to fiat:
- it saves price;
- is the unit of calculation;
- suitable for exchange.
Thus, cryptoassets are determined as payment remedies in individual cases. Digital actives are still being viewed in relation to their versatility.
Blockchain regulations became a serious topic for Central Bank and other regulative representatives. There have been many public claims and cautions published regarding cryptocoins.
How to pass licensing for crypto business in Portugal?
As already mentioned, there aren’t distinct restrictions or prohibitions when it comes to digital assets’ keeping and trading, except securities. VASPs operating there must first be certified by Central Bank: it issues cryptocurrency licenses in Portugal. Certification process itself is quite complicated. For now, Central Bank enables VASPs and individuals to manage their own crypto-assets after submitting commercial models and confirming compliance. Simultaneously, the business plan must be understandable and clear, and the owner will also need to deposit a small amount in order for the structure to become liquid.
Obtaining a crypto license in Portugal implies next-mentioned points need to be met:
- choose activities a firm will work with, and their range;
- have an appropriate share capital
- register an organization – a future applicant;
- develop plans for future activities;
- collect data on founders, beneficiaries and tops;
- develop schemes for controlling operations with cryptocurrency and other documents that are set by law;
- form documentation package that is needed to apply;
- apply directly by paying the relevant fees.
In this jurisdiction, there aren’t duties to declare crypto-assets. It isn’t mandatory to report crypto-transactions exceeding the allowed threshold. However, if these operations are performed by people who fall under the AML law, it is imperative to report doubtful payments or activities to appropriate bodies; it doesn’t matter what amounts involved.
If you are ready to launch your own crypto project within this jurisdiction, please contact our experts. We’ll answer all your questions and be able to advise you on doing commercial operations in the country, and find you a ready-made crypto-currency license and business in Portugal.
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