Portugal is rapidly emerging as a leading destination for Virtual Asset Service Providers. In 2023, the country witnessed a GDP growth rate of 2.2%, solidifying its position as a stable and secure environment for business ventures. Furthermore, the government actively fosters a pro-business climate, prioritizing initiatives like the PT2020 national strategy to propel the fintech sector forward. Portugal has established itself as a haven for VASPs with its well-defined regulatory framework overseen by the Banco de Portugal (BdP), the central bank. The BdP plays a crucial role in registering VASPs and ensuring adherence to Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulations. This clarity and structure empower VASPs to operate with confidence and transparency.

Key advantages:

• Thriving Economy: As mentioned earlier, Portugal’s stable and growing economy provides a solid foundation for your VASP business.
• Tax Benefits: VASPs in Portugal enjoy a competitive tax regime. Notably, cryptocurrency transactions are exempt from VAT, and companies investing in research and development can leverage a 0% corporate tax rate.
• Skilled Workforce: Portugal boasts a highly educated and skilled talent pool, particularly in the realms of finance, technology, and law. This readily available workforce streamlines the recruitment process and ensures access to qualified personnel for your VASP operations.

Get in touch with us to learn more about becoming a VASP in Portugal