Informative Note

Supervision by Banco de Portugal of activities involving virtual assets

24/09/2020
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Law 58/2020 of 31 August implements into Portuguese law Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. It enshrines in the Portuguese legal framework a first approach to the regulation of entities that engage in activities with virtual assets.

Under this Decree-Law, Banco de Portugal now assumes supervisory powers over entities providing exchange services (between virtual assets and fiat currencies, or between one or more virtual assets), transfer or custodian wallet providers of virtual assets ("activities with virtual assets"), with regard to compliance with money laundering prevention rules. Not only does it bring these entities within the scope of entities subject to compliance with legal obligations to prevent money laundering, but it also provides for a true limited prudential supervision of them by Banco de Portugal

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