Portugal begins approving cryptocurrency exchanges – two licensed so far – regulating Bitcoin News

Portugal now has two approved cryptocurrency exchanges. The country’s central bank, Banco de Portugal, has licensed Mind the Coin and Criptoloja.

  • In Portugal, the central bank is responsible for registering companies that intend to act as Virtual Asset Service Providers (VASPs). In addition, the bank must ensure that the legal and regulatory provisions for the prevention of money laundering and terrorist financing (AML / CFT) are complied with.
  • Mind the Coin supports Bitcoin, Litecoin and Monero. “Buy Bitcoin or other cryptocurrencies at our terminals or P2P online,” the company said.
  • Criptoloja, based in the heart of Lisbon, claims to be “the first 100% Portuguese company to offer the service for buying and selling Bitcoin and other cryptocurrencies”.
  • The central bank made it clear:

The supervision of the Banco de Portugal in relation to virtual asset service providers, as established in Law No. 83/2017 of August 18, 2017, is limited to AML / CFT purposes and does not extend to other areas of supervision, market conduct or other kind.

  • Companies that offer exchange services with or without the use of fiat currencies are required to be registered.
  • In addition, companies providing crypto transfer services and “custody and / or management of virtual assets or instruments that enable the control, ownership, storage or transfer of such assets, including private encrypted keys” must also offer themselves Register central bank.

What do you think of cryptocurrency exchange licensing in Portugal? Let us know in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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source https://bidsfor.me/portugal-begins-approving-cryptocurrency-exchanges-two-licensed-so-far-regulating-bitcoin-news/

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