12 Crypto Companies Are Waiting For License In Portugal, Despite The Fact That Local Banks Have Begun To Close The Accounts Of Those Already Operating In The Country
Currently, 12 crypto companies have applied for a license in Portugal, hoping to do crypto business here. Decisions on appeals are still under consideration by the country's central bank. Even amid recent reports that a number of commercial financial institutions have closed the accounts of crypto companies already operating in the country, the crypto business still prefers the Portuguese license.
Binance was also among the 12 applicants applying for a Portuguese cryptocurrency license. Local newspaper Dinheiro Vivo reports that the Portuguese Monetary Authority is currently reviewing requests from these companies. Applicants intend to provide services to Portuguese clients in the field of virtual assets. However, in order to operate in the country, cryptocurrency firms are required to obtain a Banco de Portugal (BdP) license. By the way, this permit document is considered today one of the most popular and affordable in the European Union.
Today, there are five thematic exchanges operating in the Portuguese cryptocurrency market - Criptoloja, Mind the Coin, Digital Luso, Utrust and Bison Digital Assets. If all current 12 license applications are approved, then the number of Portuguese crypto brokers will rise to 17.