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First crypto exchange licenses issued in Portugal

Portugal’s central bank, Banco de Portugal, has issued licenses to two cryptocurrency exchanges in a first time since new regulation around crypto trading came into effect earlier in the year.

Banco de Portugal issued an official statement in which it announced crypto exchanges Criptoloja and Mind The Coin as “virtual asset service providers.”

For Criptoloja, the approval came almost nine months after it first applied for a license in September 2020.

Criptoloja’s Chief Executive Officer Pedro Borges commented on the news and said:

“It was a long way. Being the first regulated exchange in Portugal means a lot.”

Criptoloja is launching its Portugal operations “in the next couple of weeks,” Borges added.

Borges said that Criptoloja is looking to provide the Portuguese community a safe place to invest in cryptocurrencies as some might yet be hesitant to open accounts on foreign exchanges.

Borges continued by referring to a new generation of traders in Portugal that are driving the adoption in the country. Nonetheless, the exchange is committed to promote the crypto ecosystem among people of different profiles.

The number of licenses being issues are expected to go up this year. Banco de Portugal had received five formal registration requests back in April and a total of 60 informal contacts.

The post First crypto exchange licenses issued in Portugal appeared first on iGaming.

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Author: Peter Siu