Portugal has long established itself as a centre for the fintech industry and innovative financial solutions. This jurisdiction has many advantages, ranging from a clear and transparent tax system to its geographical location in the heart of Europe.
The procedure for registering a company and obtaining a crypto license takes an average of 3 to 4 weeks, the whole process can be carried out remotely without a personal presence. Simple and transparent requirements. To create a crypto-company in Portugal does not need to contribute capital, as well as just one founder and director, which can be a resident of any foreign state.
The procedure for obtaining a crypto license can be divided into the following steps:
Company registration. The first step in obtaining a Portuguese crypto license is to approve a legal entity in Portugal, which can be established both in person and remotely on the basis of a power of attorney. Activity registration. Once a company is registered, the Portuguese authorities must be notified of their intention to provide services related to the exchange or storage of cryptocurrencies by submitting an application to the Trade License Register. Start-up. Upon completion of all the above mentioned stages, the crypto-project will be ready to start active business and service its clients in accordance with all requirements of the Portuguese legislation.
So, all the documentation on the crypto license is collected, the requirements are met, it’s time to apply. The Financial Intelligence Unit( FIU) independent from the police issues the license for the Virtual Asset Provider. Only digital documents are accepted. That is, scanned prepared documents are uploaded to the portal. The application for the crypto license must be made by a member of the company’s board. The application can be submitted electronically if there is an e-resident card, with the help of a notary in Portugal.