With the intention to adopt a new legal framework for crypto payment service, Portugal parliament is set to discuss crypto payment regulations on Thursday.
Portugal parliament is on the discussion to sanction cryptocurrencies and ICOs – particularly, regulators are keeping the close eye on cryptocurrency payments and how well to regulate.
According to the Government Portuguese, the new regulations will allow expanding crypto related services within the country. However, it will be a beneficiary for users as well ensures clarity in safety and cryptocurrencies issuances. The implementation of new payment services will ensure users about the security and cost-effective options.
“The regulation of certain aspects, not yet regulated, will allow for the expansion of new types of payment services, contributing to a legal framework to accommodate the innovation, to the benefit of consumers, and to even promote competition”.
In order to prevent illegal activities, the regulatory framework is set for new rules to access crypto payments accounts. Moreover, the government is planning to introduce complaint mechanisms for services provider and ICO operators.
In a recent day, the European parliament signed an agreement with the European Council that enforced cryptocurrency regulations closure to prevent money laundering and terrorism financing.
Portugal’s Securities Market Commission’s reports
Portugal’s Securities Market Commission (CMVM) had revealed back in December 2017, that it was supervising banks to eye on “bitcoin euphoria”.
Banco de Portugal, the Portugal central bank’s director, Helder Rosalino had claimed that he doesn’t see bitcoin as a currency in November.
Additionally, Tiago Maximo, owner of Urban Shepherd Boots in rural Portugal, was aiming to try accepting Bitcoin payments for his sales in order to expand his business online.