The first physical store for buying and selling cryptocurrencies in Portugal is set to open. BitBase, a Spanish startup that operates a chain of walk-in cryptocurrency exchanges and ATMs, has announced plans to open their first shop on Monday, 24th of January in Lisbon, the capital city of Portugal.
BitBase plans to capture a major share of the Portuguese crypto distribution market
According to Portuguese news outlet ECO News, BitBase, a Spain-based startup is set to open the first physical store for buying and selling cryptocurrencies. The store will go operational in Lisbon on Monday, offering exchange services for seven cryptocurrencies including Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dasg, Litecoin, Dogecoin, USDT, and BitBase Token (BTBS, its native token based on the BEP-20 standard of Binance Smart Chain) in cash or vía bank card in just a few steps.
The store will have several ATM-like machines (equivalent to conventional ATMs) for customers to perform their transactions with. There will also be regular crypto ATMs installed strategically and customer support available.
According to the ECO News report, BitBase will not stop at Lisbon. There are plans to establish another outlet in Porto.
This will not be the only establishment the company will have in Portugal, a BitBase spokesperson noted.
BitBase has 25 stores in Spain and hopes to replicate the same widespread presence in Portugal. The firm considers Portugal to be an emerging market for its service, noting that there are currently only four digital currency distributors in the country compared to Spain where there are 149.
Portugal has been an example to other European nations in crypto adoption
Portugal has been getting a lot of attention for its crypto-friendly policies. Crypto is not taxed in Portugal as the country considers them to be a form of payment rather than assets. According to Triple A, a crypto payments gateway, over 2.37% of Portugal’s total population currently own cryptocurrency.
Crypto businesses in the country also have to face fewer regulatory restrictions. This has made the country attractive to foreign crypto investors who come to Portugal for the tax relief.
However, not everyone is at ease with cryptocurrencies. There are no concrete regulations for the industry aside from the taxation consideration. The Banco de Portugal, as well as the Portuguese Securities Market Commission (CMVM), have issued stern warnings to commercial banks as well as investors to be cautious in gaining crypto exposure.