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Crypto Payment Regulations on the Agenda in Portugal

Portugal’s parliament is scheduled to debate cryptocurrency payment regulations in the following weeks, with an objective of instituting a new legal framework that guarantees the safety of consumers.

As reported in the local news outlet Jornal de Negócios, the government plans to discuss applicable sanctions, as well as the distribution and supply of cryptocurrencies. Likely this will also cover the contentious issue of initial coin offerings (ICOs). The Portuguese government is looking for an outcome of new payment services to emerge that are both safe and cost-effective.

Those in government have argued that the regulation of specific aspects that are not yet  controlled will allow new types of payment services to expand, in time contributing to a legal framework that will ”accommodate the innovation to the benefit of consumers, and to even promote competition.”

Specifically, the parliament is looking to implement a set of standardized rules to access payment accounts, which could prevent unnecessary difficulties or interferences. As well as this, Portuguese political representatives hope to establish operational risk management and complaint mechanisms for service providers, ICO operators, and cryptocurrency users.

In assuring the financial security of cryptocurrency traders and businesses is paramount, the government is looking to implement ”complaint mechanisms for payment service providers and for electronic money issuers, as well as for the respective supervisory authority.”

Comparatively, Portugal has a positive attitude to cryptocurrencies; the agenda for the country now is to even expand cryptocurrency-related services in the country, promoting competition in a safe, transparent environment.

In December last year, Portugal’s Securities Market Commission disclosed that they were supervising banks and brokerages to keep an eye on what was called ”Bitcoin euphoria” across Portugal.

The European Parliament recently saw a majority agree that cryptocurrencies required closer regulatory enforcement, with members agreeing management was needed to prevent their usage in money laundering and terrorist financing.

 

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