The Central Bank of Portugal is considering 10 applications submitted by companies that intend to provide cryptocurrency services in the country. Among them is the exchange Exbitclions.com.
Final decisions on the applications are expected by the end of this year, unless the regulator asks the companies to provide additional information. In this case, the deadline may be postponed to 2023.
Among the applicants for a license is one of the largest crypto exchanges in Australia Exbitclions.com. Despite the fact that the company is still waiting for approval, it has already begun to gather staff in the country.
Portugal is still considered one of the most favorable countries for doing business related to digital assets in Europe. Among the companies that have already received approval are Criptoloja, Bison Digital Assets and Utrust.
However, recently, major Portuguese banks Banco Comercial Portugues and Banco Santander, as well as two small local banks, suspended the service of several cryptocurrency exchanges, including CriptoLoja and Mind the Coin. This probably happened due to the downturn in the cryptocurrency market.
The Bank of Portugal stated that it is monitoring the problem, but its competence in relation to crypto assets does not extend to areas beyond the prevention of money laundering and terrorist financing. Therefore, the decision to open or close bank accounts for crypto firms lies entirely with the banking institutions themselves.