The central bank of Portugal is now reviewing 12 requests from businesses that want to provide crypto-related services in the country.
Binance Among Cryptocurrency Platforms Seeking Authorization in Portugal
The crypto firms need a license from Banco de Portugal to work in the country, still considered one of Europe’s most crypto-friendly jurisdictions. Among the applicants to enter the Portuguese crypto market is Binance, the world’s largest cryptocurrency exchange by trade volume. Criptoloja, Mind the Coin, Digital Luso, Utrust, and Bison Digital Assets are the five crypto brokers that are already operating in Portugal. The new requests are an indication that the nation’s crypto industry is developing and is likely to soon grow to a total of 17 registered exchanges.
At the same time, crypto companies are also facing certain challenges. In a statement, the Bank of Portugal said it’s monitoring the problem but also pointed out that its competences, when it comes to crypto assets, do not extend to «areas that go beyond the prevention of money laundering and the financing of terrorism. The situation may bring bad publicity to Portugal which had established itself as a crypto-friendly jurisdiction in the past few years. The EU member state attracted many crypto enthusiasts with its zero-percent tax on crypto gains, affordable living costs, and mild Mediterranean climate, especially during the Covid-19 pandemic.
Source: Lubomir Tassev | BITCOIN.COM