Financial technologies and virtual currencies particularly are hot subject matters in the FinTech sector among the Portuguese regulative bodies. In the past years, these state-of-the-art instruments have become a mainstream trend due to the growing value of the world’s first decentralized cryptocoin – Bitcoin, the influx of ICOs across the globe, and their market cap – total number of coins that have been mined by the price of a single coin at any given time. This popularity is also guided by some important introductions the crypto market of Portugal has experienced recently, most remarkably the rapid emergence of crypto firms and the growing tendency in the usage of cryptocoins in the last years. The following is an overview of the prospects for a cryptocurrency exchange company in Portugal.
The Portuguese officials have introduced a plethora of incentives, and currently, crypto holders take advantage of the favorable environment of this country. Here, Bitcoin gains are free from a value-added tax, and crypto firms have fewer regulative barriers than in other jurisdictions.
The crypto market is under the remit of the regulative body, the Bank of Portugal. The organization approves organizations that conduct cryptopayments, and the register of such organizations is publicly available. Here, cryptocoins do not have the same status as government-issued monetary units and the country does not have distinct laws applicable only to operations with crypto coins. Operations in this field occur under common and financial branches of law. Regardless of the grounds of digital funds, their operations with them refer to client protection law and AML/TF obligations.
The regulator focuses largely on adherence to the obligations in the domain of fighting ML/TF crimes. To the operations within which the obligations should be taken into account, we refer the following:
To operate with digital currencies in Portugal, an entrepreneur should acquire an official permission and become a digital asset provider. Hence, the provider is obliged to execute the following activities to ensure the good conduct of the service provider:
These are the main obligations that a crypto exchange in Portugal must execute under the law. If you have any questions or intend to open crypto company in this jurisdiction, contact us. Our experts have a huge expertise in buying and selling businesses, as well as licensing.
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