The Portuguese Parliament is about to hold talks relating to cryptocurrency payment regulations this week, with the aim of using new legal framework for cryptocurrency services, while safeguarding the security of users.
Reports from news outlet Jornal de Negócios states that applicable sanctions and the issuance of digital currencies, particularly initial coin offerings (ICOs) will also be part of the talks. To able new payment services to be implemented in the market, the government will discuss cryptocurrencies. The government will also ensure that user has an alternative to choose from.
According to the Portuguese government, regulations will make it possible for cryptocurrency-related services to increase in the country, which will enhance positive competition while making safety and transparency a priority in the “issuance of cryptocurrencies.”
The government debated that: “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.”
The regulatory framework is ready to adopt “new rules to access payment accounts,” in order to avoid unnecessary issues and make it possible for payments to be safe. New rules regarding the management of operational threats will also be introduced while providing service providers and ICO operators “compliant mechanisms.”
Recently, the European Parliament held a significant agreement to implement closer control of cryptocurrencies, based on an agreement with the European Council that suggest that closer cryptocurrency control to stop criminal activities was supported by the Parliament.
The Portuguese Securities Market Commission (CMVM) revealed that back in December 2017, it was supervising banks and brokerages to keep a close eye on the “bitcoin euphoria” that was affecting the country.