Portugal Regulates Cryptocurrency Exchanges

Portugal becomes one of the first countries to officially legalize cryptocurrencies by issuing operating licenses to two exchanges operating in the segment. The Central Bank of Portugal has issued operating licenses to Criptojola and Mind The Coin as “virtual asset providers” , or VASPs, in a move that seems to have boosted the sentiments of crypto enthusiasts worldwide. According to a report, there were five applicants for regulatory approval with the two VASPs being approved.

In September of 2020, the Bank announced it would regulate digital assets. The regulation focused mainly on AML/CFT issues or entities that carry out any of the following activities with virtual assets:

  • Exchange services between virtual assets and fiat currencies or between one or more virtual assets;
  • Virtual asset transfer services;
  • Safeguarding or safekeeping services and administration of virtual assets or instruments that allow to control, hold, store or transfer these assets, including private cryptographic keys.

Crypto exchanges have emerged as one of the most profitable ventures in the entire digital asset sector as these marketplaces tend to generate revenue regardless of market movements.

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