segunda, 17 maio 2021

Regulation for register the Cryptocurrency Companies

VolverThe Commercial and Corporate Law Department of Belzuz Abogados S.L.P. – Sucursal em Portugal, provides an overview of the registration procedures that the virtual assets ("cryptocurrencies”) entities develop in Portugal. In accordance to the currently in force legislation, an entity is considered as a cryptocurrency entity on the following cases:

(i) providers engaged in exchange services between virtual assets and fiat currencies;

(ii) providers engaged in exchange between one or more virtual assets;

(iii) providers engaged in information through which a virtual asset is moved from one address or custodian wallet to another;

(iv) providers engaged in custody or custody and administration of virtual assets or instruments enabling the control, detain, store or transfer of those assets, including private cryptographic keys, and act on behalf of or on representation of a customer.

The currently in force Law n. º 58/2020, of August 31st has introduced, among others, amendments to the Law n. º 83/2017 of August 18th ("Anti-Money Laundering Law" or “AML Law”), aiming to now include, on the list of entities obliged to comply with the obligations related to the prevention and combat of BC/FT, the entities that perform activities with virtual assets. Furthermore, it assigns competency to Banco de Portugal in verifying compliance with such obligations. The AML Law further determinates that the exercise of activities with virtual assets depends on prior registration before the Banco de Portugal. Bearing this in mind, it is mandatory that the entities interested in providing services related to cryptocurrency, shall request a prior registration in compliance with the AML Law requirements, jointly with the other procedures, documents, information, diligences and steps defined by regulatory means.

On April 23rd, 2021, Banco de Portugal has published the Notice n. º 3/2021 that regulate the procedures related to the registration process applicable to entities operating with virtual assets in Portugal, considering for this purpose activities carried out in Portugal:

i. All legal persons or entities considered as legal persons incorporated in Portugal for the exercise of activities with virtual assets;

ii. Any natural person, legal person or entity equivalent to legal persons with domicile or establishment in Portugal, as per the exercise of activities with virtual assets;

iii. Other natural persons, legal persons or legal entities that, due to the exercise of activities with virtual assets, are obliged to submit a declaration of beginning of activity before the Tax Authorities.

Briefly and in accordance with further registration procedures under the supervision of Banco de Portugal, the interested entity should identify – and attach the corresponding supportive documentation:

i. The requesting entity;

ii. The beneficial owners, holders of shareholdings / voting rights, members of the administrative / supervisory bodies and other persons holding top management functions in the entity to be registered;

iii. The activity program and business plan of the entity to be registered;

iv. The description of internal control mechanisms to comply with legal or regulatory provisions to prevent ML/FT;

v. Proof of the holding of the share capital and the origin of the funds used for its subscription.

Applications must be submitted by electronic forms made available on Banco de Portugal’s website or, in case of any technical inoperability or in situations of force-major, by registered mail to Banco de Portugal’s head offices, in Lisbon.

A final comment related to the language of the documents attached to the application: the forms, notification templates, procedure manuals and other documentary elements must be completed or submitted in Portuguese; the other elements required may be submitted to the in either Portuguese or English, and all those that are not issued by Portuguese authorities must be properly legalized and if applicable, apostilled, and those who are in a third language must be accompanied by the respective translation and certification.

If the registration is completed and granted by Banco de Portugal, entities must notify the latest of the date in which the activity has started, within a maximum of 30 (thirty) days.

The Commercial and Corporate Law Department of Belzuz Abogados S.L.P. – Sucursal em Portugal has professionals qualified to provide legal advice in clarifying any question related to the registration issues of entities in the cryptocurrency sector and in the monitoring and preparation of applications for registration before Banco de Portugal.

Departamento Direito Comercial e Societário | (Portugal)

 

Belzuz Abogados SLP

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