Cryptocurrency Payment Regulations In Portugal

The Portuguese Parliament intends to discuss cryptocurrency payment regulations for this week aiming to adopt a new legal framework for crypto payment services, while ensuring the safety of users using these services.

As to the local news publication Jornal de Negócios, there will also be discussed the applied sanctions and the issue of digital currencies like initial coin offerings (ICOs). The government will discuss cryptocurrencies so that new payment services can appear on the market while providing users with the choice between safe and viable options.

The regulations will allow cryptocurrency-related services to develop within the country, which will benefit consumers by promoting competition, while ensuring safety and transparency in “the issuance of cryptocurrencies.”

In fact the government argued, “The regulation of certain aspects, not yet regulated, will allow for the expansion of new types of payment services, contributing to a legal framework to accommodate the innovation, to the benefit of consumers, and to even promote competition.”

The regulatory framework is set to apply “new rules to access payment accounts,” so as to prevent unjustified setbacks and ensure payments are safe. It’ll also introduce rules on managing operational risks, while offering service providers and ICO operators “complaint mechanisms.”

Insofar as CCN lately considered, the European Parliament saw that a majority agree to enforce closer regulation of cryptocurrencies, as an agreement with the European Council that put forward closer cryptocurrency regulations to hinder their abuse in money laundering and terrorism financing found the Parliament’s support.

Portugal’s Securities Market Commission (CMVM) has revealed it was supervising banks and brokerages who ignore “Bitcoin Euphoria” that was dispersing the nation back in December 2017.

 

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