Overview
In April, Bison Bank became the first Portuguese financial institution authorized by the Bank of Portugal to offer cryptocurrency storage and trading services as a Virtual Asset Service Provider (VASP). This milestone highlights Portugal’s progressive stance on blockchain innovation while maintaining robust regulatory oversight.
Key Developments
- Bison Digital Assets: A dedicated division for virtual asset exchange, approved by Portugal’s central bank.
- Regulatory Focus: Portugal aligns with EU financial regulations, emphasizing AML/CFT compliance for crypto businesses.
Cryptocurrency License Requirements in Portugal
Activities Requiring Licensing
- Exchanges between virtual assets and fiat currencies.
- Trading between different virtual assets.
- Virtual asset transfer services.
- Custody/management of crypto wallets or private keys.
Application Process
- Company Registration: Establish a legal entity in Portugal (e.g., LDA or SA).
- Documentation: Submit business plans, proof of incorporation, AML policies, and director/resident proofs.
- Bank of Portugal Review: Approval typically takes 5–9 months.
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Costs and Fees
| Package | Price | Inclusions |
|---------|-------|------------|
| Company + Crypto License | €29,900 | Incorporation, tax registration, AML setup, licensing support |
Annual Fees: None (excluding standard corporate taxes).
Advantages of a Portuguese Crypto License
- Tax Benefits: No capital gains tax on crypto trading for individuals.
- EU Market Access: Operate across the European Economic Area.
- Investor Appeal: Rising interest in Lisbon as a crypto hub.
Compliance and Risks
Key Obligations
- Implement AML/KYC procedures.
- Appoint a local resident director and AML officer.
- Maintain a physical office in Portugal.
Risks Highlighted by the Bank of Portugal
- No legal tender status for cryptocurrencies.
- Potential for use in illicit activities (e.g., money laundering).
FAQs
1. How long does it take to get a crypto license in Portugal?
Approval ranges from 5 to 9 months, depending on documentation completeness.
2. Do I need to be a Portuguese resident to own a crypto business?
No, but at least one director must reside in Portugal.
3. Are there taxes on crypto transactions?
For individuals, capital gains are tax-free. Businesses pay standard corporate taxes (21%).
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Conclusion
Portugal offers a balanced regulatory framework for crypto businesses, combining innovation-friendly policies with stringent AML oversight. Securing a license enables access to the EU market and positions your venture for long-term growth.
Next Steps: Consult legal experts to navigate the application process efficiently.
Additional Resources
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