Utrust, a Portugal-based on-chain crypto payments company, has been granted a license to operate as a virtual asset service provider by the Portuguese central bank (Banco de Portugal).
Utrust is a crypto service provider that is licensed and regulated in Estonia, allowing it to operate in Portugal and the rest of the European Union. But, according to Correia, the company hopes to start operating in those territories in a few months with its new license, which comes with more reassurance for partners and customers because it’s given by a central bank.
Banco de Portugal granted the first licenses to two cryptocurrency exchanges, Critoloja and Mind The Coin, in June, recognizing them as virtual asset service providers. Luso Digital Assets, which is registered in 36 countries, including France, the United Kingdom, and Spain, has previously been granted a crypto exchange license by the bank.
Elrond, a layer 1 smart-contract platform that uses the web assembly (WASM) virtual machine, bought Utrust in January.
According to Correia, Utrust was granted the only full all-categories license permitted by Banco de Portugal thus far.
According to an official document published by the monetary authority, the license allows a company to provide exchange services between fiat and digital assets, as well as between digital assets; it also allows a company to transfer virtual assets between wallets and provide virtual asset safekeeping services.