Portugal grants two crypto exchanges operating licenses for the first time

The Portuguese central bank (Banco de Portugal) has granted the first licenses to two cryptocurrency exchanges, Criptoloja and Mind The Coin, as "virtual asset service providers" to operate in the country, the bank said in an official statement. This is the first time that exchanges have been granted operating licenses since the new law on crypto trading platforms came into effect earlier this year.

The approval comes nearly nine months after Criptoloja first applied on Sept. 29, 2020, CEO Pedro Borges told CoinDesk.

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

In April, a bank executive confirmed that the Bank of Portugal had received five formal registration requests and 60 informal contacts at the time, local media Dinheiro Vivo reported.

Borges said Criptoloja brings together Portuguese people who want to invest in cryptocurrencies but don’t feel confident enough to open an account in forex trading. Critpoloja plans to start operating “in the coming weeks,” with the company allowing clients to open online accounts, but not yet enabling online trading.