Getting a cryptocurrency license in Portugal
Obtaining a cryptocurrency license in Portugal is mandatory for crypto companies that want to operate there. Banco de Portugal carefully checks applicants and rejects suspicious applications, so the license confirms the reliability and reputation of the business.
Advantages of crypto business in Portugal
Portugal is a crypto-friendly country with many advantages for the crypto start-ups and businesses. Among the country's advantages are the following:
- There is no minimum share capital requirement to obtain a cryptolicense.
- Owners of cryptocurrency companies can safely manage their assets and attract investors.
- The number of administrative procedures is minimal.
- Cryptocurrency assets can be safely stored in traditional banks.
- Separately, it is worth mentioning Madeira, an autonomous region fully integrated into Portugal's economic and political system. It has its own taxes and laws. A company registered there as an IBCM that can take advantage of the preferential income tax rate until 2027, and then extend it to 2035. It is also exempt from dividend tax and has other perks.
Cryptolicense in Portugal
Organizations that engage in crypto activities in Portugal are considered digital asset service providers (VASPs) and must have a license from the Banco de Portugal, which allows to:
- Provide cryptocurrency exchange services for fiat and digital money.
- Transfer virtual assets to other users.
- Offer services for digital assets storage in virtual wallets, providing various tools for operation.
- Engage in crypto activities in Portugal. But you must first register a company, and then you must open an account and apply to the central bank for a license.
Registering a cryptocompany
To open a cryptocompany in Portugal, you have to choose the form of registration, develop a business plan, and collect a package of documents, among which:
- Articles of Incorporation;
- Copies of the passports of the partners and founders;
- Documents that confirm residency and citizenship;
- Certificate of criminal record;
- Document that confirms the company's legal address to receive letters from government agencies.
After checking the papers, if everything is in order, the regulatory authorities will register a business, after which it is necessary to register with the tax office and open a corporate bank account.
Opening a Bank Account
To open a corporate account at a local bank, you usually need to provide the following documents:
- The original agreement on the registration of the company and an extract from the state register;
- A certificate containing information about the beneficiaries and owners of the company registered in the public register;
- Portuguese telephone number and e-mail.
- Additionally, the bank may request other documents and information.
Requirements for cryptolicense
If a company wants to receive a cryptocurrency license in Portugal in 2023, it must meet the following conditions:
- Notarize copies of documents of all founders and beneficiaries.
- Collect citizenship certificates of all founders.
- Hire at least one director who has Portuguese citizenship.
- Rent an office.
- Hire an AML/CFT officer to develop anti-money laundering strategies and monitor their implementation.
- Develop regulations for the control of cryptocurrency transactions.
- Prepare a set of documents.
- Apply for a cryptolicense.
The regulator carefully checks all the documents, so the procedure for obtaining a cryptolicense can last for several months. To shorten the waiting period as much as possible, it is essential to collect and fill out all the documents correctly at once.
How to get a cryptocurrency license fast
Contact IT-OFFSHORE if you are interested in cryptocurrency activities in Portugal in 2023.