XTRM PR - (24th June, 2021) - PORTUGAL GOVERNMENT - The Banco de Portugal has some important, must read and qualify for information before anybody/company wishes to set up Cryptocurrency Exchange Services in Portugal.

The Banco de Portugal, are the legal Portuguese financial body, and is solely responsible for registering companies or person(s) who wish to become a virtual assets service provider - they also provide any needed verifying compliance with the legal and regulatory provisions, governing the prevention of money laundering and terrorist financing - AML/CFT. 

Portugal is known as a Cryptocurrency friendly country however, but has decided this firm stance of regulation, ensures safety and stability, and hopefully help the longevity of Cryptocurrency Exchanges flourishing in the country. This also weeds out the scammers and other criminal elements in most instances, if not all. 

Banco de Portugal’s supervision regarding virtual assets service providers, as determined by Law No 83/2017 since the 18 August 2017, is limited to AML/CFT purposes, and does not extend to other areas of the Crypto market, security, conduct or any other liability other than virtual assets.

The Portuguese government official website states the following information as a legal requirement in the country. 

'Activities with virtual assets subject to registration with the Banco de Portugal and regulated in Portuguese territory

When carried out within Portuguese territory, the following activities or operations with virtual assets are subject to prior registration with the Banco de Portugal, including where the applicant exercises another profession or activity covered by Law No 83/2017 of 18 August 2017:

• exchange services between virtual assets and fiat currencies or between one or more forms of virtual assets;
• transfer services of virtual assets;
• safekeeping and/or administration of virtual assets or instruments that enable the control, ownership, storage or transfer of such assets, including private encrypted keys.

The following persons or entities are considered to operate within Portuguese territory: 

• legal persons or entities treated as legal persons incorporated in Portugal for the pursuit of activities with virtual assets;
• natural or legal persons or entities treated as legal persons with domicile or establishment in Portugal engaged in activities with virtual assets;
• other natural or legal persons or entities treated as legal persons which, due to the pursuit of activities with virtual assets, are obliged to declare their activity to the Portuguese tax authorities.

New Portugal Registration Procedures

Article 112-A of Law No 83/2017 and Notice of the Banco de Portugal No 3/2021of 23 April 2021 (“Notice No 3/2021”) regulate the registration process with the Banco de Portugal of 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.

Applications for initial registration and subsequent changes must be submitted by completing the following forms (accompanied by the appropriate supporting documentation), to be submitted to the Banco de Portugal in accordance with Article 6(3) to (6) of Notice No 3/2021.

• Word file with Annex I
• Word file with Annex I.A
• Word file with Annex II

In a word all compliance must be followed if Cryptocurrency Exchanges are to be operated from Portugal.

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