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The First Physical Bitcoin Store Opens in Portugal -Breaking

by Mike Robinson

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Portugal’s First Physical Bitcoin Store opens
  • Next week, the store in Lisbon will be open and it will accept several cryptocurrency ATMs.
  • Although cryptocurrency trading isn’t yet regulated in Portugal by authorities, it is legal.
  • Installer of the store plans to continue its model in South America and the UK.

Spanish startup BITBase has opened its first physical shop in Portugal. It will be open on January 24, 2019. According to digital newspaper ECO, this will be the opening of the second store in Portugal.

This is the company’s first location for the sale and purchase of cryptocurrency outside of Spain. In Lisbon’s Campo de Ourique, the commercial space will be located. It will offer ATMs where users will be able to deposit and withdraw BTC or other currencies.

The company already has 25 stores similar to the one in Spain and 149 ATMs spread across 15 different cities. While the location of the store in Portugal was previously announced as Porto, no details regarding its exact location or date were revealed. They will both operate on the franchise model.

Portugal doesn’t have any legal framework that regulates the sale of crypto currencies. The bill that would regulate and punish this activity is in place, but it has yet to be discussed by Parliament.

The Flipside

  • Both in Spain and Portugal the police caught and identified several. Scamming with cryptocurrency gangs in recent times. The lack of regulation in the sector is one of the main reasons why cybercrime and theft has increased in Portugal.

Regulatory agencies, such as the Securities Market Commission and Bank of Portugal have warned before about the potential dangers of cryptocurrency trading without government oversight.

The CMV recently said that crypto assets represent one of the most dangerous risks for investors, since they are “mostly outside the regulatory framework.” In addition to this, its volatility and lack of rules protecting the investor against scams have been mentioned.

The company’s website notes that, in order to smoothly introduce potential customers to the industry and help them “take their first steps in the crypto world,” BitBase will have a “specialized team,” that will be in charge of providing “assistance in the purchase and sale of cryptocurrencies.”

Why you should care

  • Company CEO Álex Fernández and COO Adria Llorens, have gone on record saying that, in the future, the company plans to extend its business model to the United Kingdom and Colombia.
  • Among the company’s immediate plans is the installation of an addition 20 “ATM” boxes in Spain.

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