How to become a cryptocurrency license holder in Portugal

If you want to establish yourself in the cryptocurrency market, get a cryptocurrency license in Portugal. This way you will not only legalize your activity, but also confirm your reliable reputation. The Central Bank carefully checks applicants, and gives permission only to people with a reliable, untainted reputation.

Advantages of a Portuguese cryptolicense

Portugal is open to the crypto business, so individuals can pay no tax on profits that have been made from investments in cryptocurrency. An enterprise that wants to save on taxes, we recommend registering in Madeira, which offers favorable tax conditions, including the avoidance of many taxes.

To make the licensing process simple and straightforward, the experts spent a lot of time developing the requirements for the company's structure. Their goal is not only to control the operation of the cryptocompany, but also to ensure its stable growth, success, reliability, if the company meets all the requirements.

Another plus of the Portuguese license is the possibility of obtaining residency status, a residence permit. Portugal sees the future in digital technology, so it attracts talent here. And if you seriously want to run a crypto business in Portugal, the chances of living and working here legally are high.

Portugal's сryptoсurrency license opportunities

Cryptocompanies that have obtained a license have the right to:

• Engage in the exchange of digital assets, which can be exchanged between themselves and for real money;
• Store digital currency in cryptocurrencies;
• Transfer cryptocurrency between customer accounts;
• Trade cryptocurrency.

Requirements for the applicant

All the requirements for an applicant for a cryptolicense in Portugal are carefully thought out. A specialist of our company will introduce them in detail. Here are some of them:

• Register a business in Portugal;
• Pay all state fees;
• Rent a physical office;
• Become registered with the tax authorities, get a NIF number;
• Open an account with a local bank;
• Submit a detailed business plan;
• Submit documents detailing measures to combat fraudulent transactions and money laundering;
• Develop documents describing internal risk management policies;
• Provide a criminal record certificate of all shareholders, directors, and compliance officers no older than 3 months;
• Foreign director, owner of the firm is allowed;
• Director must complete AML/KYC (Anti-Money Laundering) certification;
• Submit a certificate of financial solvency of the company.

After the registration of the company must keep accounts. Permit to operate the company must be renewed annually. Six months after registration of the company must employ a local resident (if such is not available, we will provide a nominee employee).

Application review period

The regulator takes up to 6 months to review the application. If it requires additional documents, they must be provided.

How to get a cryptocurrency license fast

If you want to get a cryptocurrency license in Portugal quickly and without problems, contact IT-OFFSHORE experts and we will help you.