It is evident to all how much crypto trading is on-trend and has grabbed the world’s attention. 

The crypto fever has risen to the extent that the Portuguese have now approved two crypto exchanges for operations for the first time in its history.

Soon after El Salvador approved Bitcoin as a legal tender and Paraguay announced its regulatory plans, the Central Bank of Portugal – Banco de Portugal – has now approved licenses for Criptoloja and Mind The Coin to function as crypto exchanges.

This boosting act could change the crypto market dynamics, which has been struggling with regulatory matters in many countries.

Although Banco de Portugal approved these two crypto exchanges to be recognized as virtual asset service providers, it doesn’t mean the bank is adopting cryptocurrencies as a legal currency. 

According to Pedro Borges, the CEO of Criptoloja, the bank took nine months for this clearance after receiving five requests from other exchanges for registration on September 29 last year. He also stated that “the company is excited to start operating its exchange program in a couple of weeks.

What kind of services will now fall under the scope?

The Central Bank of Portugal’s official statement to Criptoloja and Mind The Coin clearly states that it is permissible only to conduct exchange between digital and fiat currencies and transfer and store virtual assets, besides including private encrypted keys for safekeeping purposes.

How can other European countries benefit from this?

The most bitcoin-friendly country in Europe, Portugal, shares its border with Spain, which has more stringent fiscal and legal policies on cryptocurrencies.

Spanish investors are legally required to pay taxes, while no particular requirements exist for crypto trading in Portugal.

This simply gives all investors and brokers a golden opportunity to rely on Portugal for their future crypto trading and equivalent benefits.

How does this benefit brokers?

This announcement has brought some good news to the crypto industry; it serves as an excellent advantage for brokers to broaden their crypto horizons.

One such broker to benefit from this is Roimax, which offers cryptocurrency trading via its comprehensive web-based trading platform, incorporating the latest and most sophisticated technologies.

The web trading platform has advanced charting tools and indicators for an insightful trading environment with proper risk management.

Roimax aims to maintain utmost security and reliability and also offers educational materials to its new traders.

Roimax has strict verification and withdrawal policies to ensure safeguarded accounts and the prevention of malicious attempts.

Their support team functions 24/6 and can easily be contacted via email. In addition, they provide 1-on-1 training sessions with an account manager to guide you through the process. Roimax also accepts the most popular payment methods, which is reassuring since most traders nowadays rely on modern and quick transaction processes for a hassle-free experience.

Bottom line

With so many crypto announcements doing the rounds, the crypto community will certainly be on the lookout for the next country to follow suit and it seems to be the best opportunity for reliable brokers like Roimax to expand their services further and reach a broader base of clientele.