Portugal: criptofriendly
Summary: This article will approach the current legal framework for companies which deal with cryptocurrency in Portugal, specifically, those transacting with such virtual currencies. Existing legislation is favorable to the incorporation of these type of companies, subject to the supervision and prior registration with Banco de Portugal. I . Introduction Portugal is now the first European country to regulate cryptocurrencies. As a matter of fact, Law no. 58/2020, of 31 August (that implements Directive (EU) 2018/843 of 30 May 2018, amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and Directive (EU) 2018/1673 of 23 October 2018, on combating money laundering by means of criminal law), introduces amendments to several legal diplomas, including Law no. 83/2017, of 18 August, which extends its application to entities that carry out activities with virtual assets. First and foremost, it is important to realize the role of “Banco de Portugal” to really understand the legal changes operated. Banco de Portugal is the central bank of the Portuguese Republic. It is a public-law legal person, with administrative and financial autonomy, being part of the Eurosystem, the European System of Central … Read More