Getting a cryptocurrency license in Portugal
Obtaining a cryptocurrency license in Portugal is a mandatory procedure for cryptocurrency companies that want to operate here. Banco de Portugal carefully checks applicants and rejects applications that are suspicious, so the license confirms the reliability and reputation of the business.
Advantages of crypto business in Portugal
Portugal is a country that is friendly to cryptocurrency businesses, allowing them to register. Among its advantages are the following:
- There is no minimum share capital requirement to obtain a cryptolicense.
- Owners of cryptocurrency companies can safely manage their assets, attract investors.
- The number of administrative procedures is reduced to a minimum.
- Cryptocurrency assets can be safely stored in real banks.
- Separately, it is worth mentioning Madeira, which is an autonomous region that is fully integrated into the economic and political system of Portugal, but has its own taxes and laws. A company that is registered here as an IBCM can take advantage of the preferential rate of income tax until 2027, then extend it to 2035. It is also exempt from dividend tax and has other attractive offers.
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:
- Provide cryptocurrency exchange services for real and digital money.
- Transfer virtual assets to other users.
- Offer services for storing digital assets in virtual wallets, providing various tools for operation.
- To engage in crypto activities in Portugal, you must first register a company. Then you have to open an account, apply to the central bank for a license.
Registering a cryptocompany
To open a cryptocompany, you have to choose the form of registration, develop a business plan, collect a package of documents, among which:
- Articles of Incorporation;
- Copies of the passports of the partners and founders;
- Documents that confirm residency, citizenship;
- Certificate of criminal record;
- Document that confirms the legal address of the company, which will 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 get registered in the tax office, 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
In order for a company 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 who will 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 important 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.