portugal

Obtaining a cryptocurrency license in Portugal is a complicated process, because the regulator thoroughly checks the applicant. Because of this scrutiny, having a Portuguese cryptolicense confirms the reliability of the company and opens wide prospects.

WHO AND WHERE ISSUES THE CRYPTOLICENSE

A great option is to register a cryptocurrency company not on the mainland, but on Madeira. Jurisdiction belongs to Portugal, offers businesses a lot of tax benefits. Permission to engage in cryptocurrency activities is issued by the Central Bank of Portugal.

WHAT GIVES A CRYPTOLICENSE IN PORTUGAL

• The exchange of cryptocurrencies among themselves, as well as for real money;
• The ability to trade digital assets;
• Ability to make transactions between cryptocurrency accounts;
• Offer cryptocurrency storage services for wallets;
• Trade digital assets.

REQUIREMENTS FOR THE APPLICANT

• Company registered in Portugal;
• Physical office in the country;
• Director or shareholder can be foreigners, although Portuguese citizenship is welcome;
• Director must have completed anti-fraud and anti-money laundering (AML / KYC) courses;
• A detailed business plan;
• Developed documents detailing risk management policies, taking into account local laws;
• No share capital requirements;
• Obligatory bookkeeping;
• Corporate tax — 5%;
• Clean biography of directors, shareholders, beneficiaries. Must not have a criminal record, participation in fraudulent transactions;
• Must show the registrar papers of financial solvency.

TIME OF LICENSE ISSUANCE

The regulator issues a cryptocurrency license in Portugal within 3-6 months.

HOW TO APPLY FOR A CRYPTOCURRENCY LICENSE IN PORTUGAL

Issuing a cryptocurrency license in Portugal is a complex and complicated process, so we recommend contacting IT-OFFSHORE specialists. We will help collect and prepare papers, pay registration fees, apply for a license.

The list of services includes:

• Company registration in Madeira;
• Payment of state fees;
• Registration with the tax inspectorate;
• Getting a NIF identification number, without which many transactions cannot be completed;
• Rent of a legal address;
• Checking companies for AML/KYC requirements;
• Opening of a Portuguese bank account;
• Getting a cryptocurrency license.

After registration we undertake accounting (upon request), annual renewal of the company permit, lease of the legal address. By law, within six months after the company registration we have to hire a local employee. If the client has no applicant, we put our own person. This person will be listed only nominally, and if he/she does not work, the cost of his/her maintenance will be covered only by deductions to be made to the Social Security Fund.