Crypto license Portugal

Portugal has established itself as a promising platform for crypto business with a fairly cryptocurrency-friendly legislative framework. The country does not tax the profits earned from investments in cryptocurrencies and imposes relatively simple requirements on licensees. Crypto licensing in Portugal is a mandatory procedure for companies that offer services related to crypto assets in the territory of the state.

The main features of crypto license Portugal

The following organizations are considered to be active in the territory of Portugal Portuguese companies (registered in Portugal); Legal entities with permanent representation in Portugal; and Organizations that are obliged to operate under the supervision of the Portuguese tax authorities.

The Central Bank is the competent authority for the registration of crypto companies in Portugal and the verification of compliance with applicable legal and regulatory provisions governing the implementation of AML by the above-mentioned persons.

Registration of a crypto license in Portugal: tax

At the moment, Portugal does not have a special regime concerning the tax regime of cryptocurrencies. However, the tax authority issued three regulations concerning cryptocurrencies. In the absence of other laws and regulations that could clarify the taxation regime of cryptocurrencies, these regulations are important and will work as precedents as to whether as the Portuguese Revenue Authority will consider cryptocurrency and cryptocurrency-related activities when interpreting existing tax provisions and deciding whether a certain fact or action should be taxed by the Portuguese (corporate, individual, VAT or stamp duty).

Regulation of crypto-assets in Portugal

Due to the rapid development of the Fitech industry, blockchain technology in general and cryptocurrency in particular are the subject of discussion by the Portuguese government. Over the past few years, these technologies have attracted public attention mainly because of the rising cost of Bitcoins, the increased interest in holding ICOs in Portugal and other countries, and their market capitalization.The Central Bank and other authorities have already taken some specific measures to regulate crypto-assets in Portugal in accordance with the European legal framework, especially with regard to measures to protect against money-laundering (AML) and/or the financing of crime. For such purposes, cryptocurrencies can be defined broadly as a «digital representation of value not issued by a central bank, credit institution, or e-commerce, which in some circumstances can be used as an alternative to money». This definition corresponds to the classification of the European Central Bank (ECB), to which the Portuguese authorities have largely subscribed.

Obtaining a cryptocurrency license in Portugal

Currently, there are no specific laws or regulations governing the issuance of cryptocurrencies (other than those set out in the Portuguese AML Act). Consequently, cryptocurrencies are not prohibited and investors are allowed to buy, store and sell these assets. In general, the applicability of existing laws that regulate financial activities must be assessed on a case-by-case basis to determine whether they can regulate a particular ICO, token or related activities. ICOs that aim to offer tokens representing rights and/or economic interests in a predetermined enterprise, project or company can potentially qualify as securities and be subject to existing securities rules, primarily the rules applicable to public offerings of securities and/or trading platforms.

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