Peculiarities of obtaining a cryptolicense in Portugal
Tolegally operate a cryptocurrency business in Portugal, getting a permit from the Banco de Portugal is necessary. This process is complicated and time-consuming because the company and its owners are thoroughly checked. In order to get a crypto license in Portugal as fast as possible, we recommend contacting our company.
When to get a cryptolicense
Companies that engage in the following activities in Portugal should get a permit:
- Offer exchange services between virtual currencies and fiat money and exchange one cryptocurrency for another.
- Provide services for the transfer of cryptocurrency to a third party.
- Are engaged in the storage of cryptocurrency, as well as offer tools that allow its control, storage, and transfer, including cryptographic keys.
Who issues a cryptolicense
Banco de Portugal is the national bank of Portugal which is responsible for registering companies that plan to work with cryptoassets. This government institution verifies the compliance of its work with legal and regulatory provisions. The national bank pays special attention to items aimed at preventing money laundering and terrorist financing.
Requirements for a cryptocurrency company
To take a cryptocurrency permit in Portugal in 2022, a company must meet these requirements:
- Be registered as an LLC or joint stock company.
- Have a share capital of at least €350k.
- Have an office in Portugal.
- Be at least partially working in the territory of Portugal.
- Have an employee with experience in managing financial institutions on the board.
- Have a clear description of the company's structure, where areas of responsibility should be outlined.
- Develop effective methods to identify, manage, and control risky operations that may be related to fraud, money laundering, and terrorist financing.
Instructions on getting a cryptolicense
Either a new or an existing company may submit a request for a crypto license from Banco de Portugal. If the businessit is already registered, by default, it has no right to provide payment services before obtaining a license.
To obtain a crypto license, one must apply to the regulator for permission to create an electronic money institution. This is the name of a legal entity, which is engaged in electronic money issuance and has the right to provide other payment services.
In addition to the application, you have to fill in certain templates. In the request, it is necessary to specify the list of all the company's future activities and payment services, in which you are going to engage. The request can be submitted in Portuguese or English. Official documents issued in another country (e.g. criminal record certificate) must be notarized and apostilled.
Application review period
Banco de Portugal will be reviewing the application for 3 months from the date the information is complete, and no longer than 12 months from the date the application was first submitted.
An employee of the Banco de Portugal evaluates the information and may request additional information. If there are no issues with the paperwork your company will get a permit, and the company will be registered in a special registry.
Before this, the regulator sends an inspection to the office of the company to study the conditions of work there. The company must start its activities within a year, otherwise, the license will lose its validity unless Banco de Portugal renews it.
If the application does not meet the requirements, or the conditions of an authorization or if it's poorly structured, then the officer may deny the request, giving a certain period to correct errors.
How to get a cryptocurrency license in Portugal
To get a cryptocurrency license in Portugal as quickly as possible, contact IT-OFFSHORE experts.