Portugal Grants First Crypto Exchanges Operating Licenses

The Central Bank of Portugal (Banco de Portugal) has licensed two cryptocurrency exchanges for the primary time. 

In an official statement, the entity introduced that it acknowledged Criptoloja and Mind The Coin as “digital asset service suppliers.” This is the primary time exchanges have been licensed to function since a brand new legislation round crypto buying and selling platforms took impact earlier this yr.

The approval got here after practically 9 months. Criptoloja first filed for approval on Sept. 29, 2020, the corporate’s CEO Pedro Borges advised CoinDesk. 

Related: State of Crypto: Congressional Hearings Are Ramping Up

“It was a great distance. Being the primary regulated trade in Portugal means lots,” Borges mentioned. 

In April, a financial institution government confirmed that on the time, Banco de Portugal had acquired 5 formal registration requests and a complete of 60 casual contacts, in keeping with native media outlet Dinheiro Vivo

Mind the Coin and Banco de Portugal didn’t instantly reply to CoinDesk’s queries. 

Critpoloja plans to launch operations “within the subsequent couple of weeks,” Borges mentioned, including that the corporate permits prospects to open on-line accounts however has not but enabled on-line buying and selling. 

Related: Tunisian Finance Minister Says Bitcoin Ownership Should Be Decriminalized

According to Borges, Criptoloja will search to convey collectively Portuguese individuals who need to spend money on cryptocurrencies and don’t really feel assured sufficient to open accounts in international exchanges. 

Borges added that the best adoption of crypto in Portugal is among the many new technology of merchants, though the corporate will search to advertise the crypto ecosystem amongst individuals of various profiles.

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