The Portuguese Parliament will discuss payment regulations in cryptocurrencies.
The Portuguese Parliament will debate this week the cryptocurrency payment regulations, with the aim of adopting a new legal framework for cryptocurrency payment services, while guaranteeing the safety of users through these services.
According to the local newscast Jornal de Negócios, the applicable sanctions and the issuance of digital currencies, presumably initial offers of coins (ICOs) will also be discussed. According to reports, the government will analyze cryptocurrencies so that new payment services can emerge in the market, while ensuring that users can choose between safe and profitable options.
According to the Portuguese government, the regulations will allow services related to cryptocurrencies to expand within the country, which will benefit consumers by promoting competition, while guaranteeing security and transparency in "the issuance of cryptocurrencies."
The government argued:
"The regulation of certain aspects, not yet regulated, will allow the expansion of new types of payment services, contributing to a legal framework to accommodate innovation, for the benefit of consumers, and even promote competition."
The regulatory framework is configured to apply "new rules for accessing payment accounts" in order to avoid unjustified setbacks and ensure that payments are secure. It will also introduce rules on operational risk management, while offering "reporting mechanisms" to service providers and ICO operators.
According to the somewhat vague information available, when it comes to dispute resolutions, "payment service providers are obligated" to work with dispute resolution organizations on potential disputes. The government also plans to introduce "reporting mechanisms for payment service providers and for electronic money issuers, as well as for the respective supervisory authority."
As recently reported by CCN, the European Parliament saw that the majority agreed to demand stricter regulation of cryptocurrencies, since an agreement with the European Council proposing closer cryptocurrency rules to avoid their abuse in money laundering and financing of the cryptocurrency. terrorism found support from Parliament.
The Portuguese Securities and Exchange Commission (CMVM) revealed in the past that it was supervising banks and brokerages to be alert to the "bitcoin euphoria" that was sweeping the nation in December 2017.
Hélder Rosalino, director of the Central Bank of Portugal, Banco de Portugal, said in November that he did not see bitcoin as a currency, and that it is important for people to know that "a cryptocurrency is not a currency" for the financial institution. Last year, CCN reported that the Portuguese authorities were seeking to impose taxes on users of cryptocurrencies, despite the lack of regulations.