Portugal's Central Bank Issues Licenses To Two Crypto Exchanges

The Portuguese Central Bank, Banco de Portugal, issued the first licenses to two crypto-exchanges after the new law came into force. Now bitcoin exchanges Criptoloja and Mind The Coin will be able to conduct transactions within the country, having legal permission to accept Portuguese clients.

The Central Bank explained that the existing law allows any authorized or licensed crypto-company to provide exchange services between cryptocurrencies and fiat currencies, virtual asset transfer services, storage and administration of virtual assets or instruments to control, own, store or transfer assets, including private encrypted keys.

For companies applying for a license in Portugal, the law requires them to fill out three forms in accordance with the guidelines of the Portuguese Central Bank, which can be found on its official website. The head of Criptoloja, Pedro BORGES, said that the bitcoin exchange filed an application on September 29, 2020 and received its license almost nine months later. He also added that Criptoloja will launch trading in the next few weeks. For now, bitcoin exchange clients can create their accounts.

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