Portugal grants first licenses to two bitcoin exchanges

The Bank of Portugal issued licenses to cryptocurrency exchanges Criptoloja and Mind the Coin. The trading platforms were recognised as ‘virtual asset service providers’.

Criptoloja’s chief Pedro Borges told CoinDesk that the bitcoin exchange filed its application on September 29, 2020 and received the license after almost nine months.

It’s been a long road. Being the first regulated exchange in Portugal means a lot, the CEO said.

According to Borges, Criptoloja will launch trading in the coming weeks. Clients of the bitcoin exchange can already create accounts.

The CEO added that Criptoloja will bring together Portuguese investors who want to invest in cryptocurrency but are reluctant to open wallets on overseas trading platforms.

In late April 2021, the Bank of Portugal’s chief executive told Dinheiro Vivo that five registration requests for bitcoin exchanges had been received. In September 2020, the regulator was given powers to supervise virtual asset management companies.

In May 2021, trading volume on cryptocurrency exchanges first exceeded $2 trillion.

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