The Central Bank of Portugal approves cryptocurrency trading license
In another victory in the adoption of blockchain technology and cryptocurrency, the Banco de Portugal officially announced that they will begin approving licenses for cryptocurrency exchanges operating in the country. Two have been awarded.
This is the first time that crypto asset exchanges can operate in the country since a new law on blockchain technology was passed earlier this year.
Criptoloja and Mind the coin It is currently the only officially authorized virtual asset service provider listed on the bank’s website. However, more people will follow suit. Since Criptoloja initially tried to register in September 2020, this decision has been going on for a long time.
From Official announcement of the Portuguese Central Band, With these licenses, Criptoloja and Mind the coin Now able to:
- Exchange services between virtual assets and legal currency or between one or more forms of virtual assets;
- Virtual asset transfer service;
- Safekeeping and/or management of virtual assets or tools capable of controlling, possessing, storing or transferring such assets, including private encryption keys.
The Portuguese people can now be sure that their crypto assets are transferred and can be safely stored in these open exchanges. Obtaining a license issued by the Central Bank demonstrates Portugal’s confidence in crypto assets and the continued adoption of the technology.
Countries around the world are heating up for cryptocurrencies?
Portugal is just one of many countries in Europe that allows cryptocurrency to be traded within its borders.Just last month Malta Financial Services Authority (MSFA) issues Xcoins, A major cryptocurrency exchange, category 3 virtual financial asset license. This is the second license issued by the MFSA, the first is Crypto.com.
Not only have European countries rapidly adopted blockchain and encryption technology, but El Salvador has also recently been the first country to adopt blockchain technology. Adopt Bitcoin as legal currencyMany other South American countries have also quickly joined the growing encryption revolution. See our related reading below to learn about the recent adoption movement in South America.
Only time will tell which countries will wake up and join the blockchain revolution next. But as more and more countries join the blockchain train, other countries will certainly follow suit or be left behind soon. Blockchain technology is still very young, so with the increasing application of blockchain, more countries will allow exchanges to operate within their borders, so that their citizens can benefit from the decentralized network.
Featured Photo by Pedro Santos on Unsplash