Portugal’s Crypto Market

Portugal’s Crypto Market - Portugal Business News

Portugal is one of the countries with the highest crypto-asset trading volume as it ranks 8th out of 31 countries. The volume of crypto-assets traded between June 2021 and June 2022 shows a growth of nearly 5%, reaching around € 30 billion according to Chainalysis. This volume accounts for 14% of Portugal’s GDP in 2021.

Since April 2021, Portugal’s Central Bank, Banco de Portugal, is regulating entities that trade virtual assets such as cryptocurrencies in order to prevent money-laundering and financing terrorism. As from January 1st, 2023, the new tax regime on cryptocurrencies will be enforced.

Portugal has attracted a large number of investors in the field of crypto-assets and is a growing market for crypto exchange-traded funds. Portugal’s FinTech ecosystem attracted over €1 billion in total funding and is attracting major international players. In Lisbon only, Tech Start-ups are worth EUR 21.4 B in 2022 compared to EUR 816 M in 2016 according to a new report by Dealroom.

Portugal’s Fintech ecosystem is attracting important players in decentralized finance and in the cryptocurrency sector. Since 2021, the first Fintech trading in cryptocurrencies to be registered by Portugal’s Central Bank, Criptoloja, allows for deposits and withdrawals in Euros.

Portuguese Fintech Criptoloja makes it possible for clients to buy, sell, receive and send Bitcoins and other crypto-currencies. Pedro Borges, one of its founders, believes that Portugal’s cryptocurrency market is developing.

Criptoloja is now launching its new product, virtual currency tokens that represent tradeable assets using blockchain technology. While Crypto coins allow individuals to make payments using their digital currency, tokens can be used for additional purposes, as they may be used to store value or to make purchases. Tokens can also be bought and sold using cryptocurrencies.

In 2023, Portuguese Criptoloja will develop its tokens market and is planning to extend its operations to Spain. The market for virtual assets and crypto-currencies in Portugal is quite new but there is growing demand and a high trading volume as a percentage of GDP.

Source: https://www.portugalbusinessesnews.com/post/portugal-s-crypto-market

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