The Banco de Portugal published today Notice of the Banco de Portugal No 3/2021, which regulates the registration of virtual assets service providers.

The Notice lays down the terms for submission with the Banco de Portugal of:

• applications for registration by entities intending to act as virtual assets service providers;
• applications for changes to the elements subject to registration by registered virtual assets service providers.

This regime regulates the provisions of Article 112-A of Law No 83/2017 of 18 August 2017 and seeks to contribute to the swiftness and effectiveness of the procedures for processing and deciding on applications for registration and changes in registration, as well as to legal certainty in the interpretation and implementation of the relevant legal provisions.

The Banco de Portugal further clarifies that, in order to delimit the universe of virtual assets service providers  subject to its supervision, in accordance with and for the purposes of Article 112-A of Law No 83/2017 of 18 August 2017, the following entities are considered to operate in Portuguese territory: 

• legal persons or entities treated as legal persons incorporated in Portugal for the pursuit of activities with virtual assets;
• natural or legal persons or entities treated as legal persons with domicile or establishment in Portugal engaged in activities with virtual assets;
• other natural or legal persons or entities treated as legal persons which, due to the pursuit of activities with virtual assets, are obliged to declare their activity to Portuguese tax authorities.

The Banco de Portugal will treat as unregulated activity any activity presenting other connecting factors to the Portuguese territory other than those listed above.

Public consultation process 

The draft regulation underlying the Notice published today was subject to Public Consultation of the Banco de Portugal No 5/2020 (in Portuguese only). The report summarising the analysis of the contributions received under this public consultation can be found here (in Portuguese only).