Portugal’s Securities Regulator Assertions Crypto Rules

New Crypto Rules for Portugal? – The Portuguese securities and financial instruments regulator said it is time to adopt cryptocurrency rules. The chairman of the Securities Market Commission noted that cryptocurrency is not regulated in Portugal. As a result, not much can be done to oversee a growing currency. It is essential to change this. According to Bernardino, investors need a warning.

They need to be aware of the risks when investing. If they want to invest, they do so with a sense of danger. However, there is no direct jurisdiction over that. In addition to stepping up warnings to potential investors, Bernardino noted that Verena Ross, chair of the European Securities and Markets Authority, said European regulations could give the power to do so.

Crypto Future in Portugal

According to the chairman of the commission, they need great caution in the unregulated zone, as it may be a case of potential manipulation and fraud. However, the chairman had no specific information about the fraud cases. He issued a warning and noted that cases of possible fraudulent mechanisms might happen. As a result, investors need to be aware of these areas and pay close attention.

One of the priorities of the CMVM is to develop information on the development of the digital currency. For the time being, however, the country’s central bank has the authority to license cryptocurrency space to prevent money laundering.

The news came from Portugal after that. The Russian Ministry of Finance presented a bill on the management of digital currencies. Under the proposed regulation, digital currencies are only available as an investment vehicle. Therefore, it can not be a form of payment. However, the guidelines are likely to be a step forward for a growing, albeit unregulated, industry. Portugal should take concrete steps in this direction.