Meet the Law

• Payment and electronic currency institutions

On 9 April 2021, it was published Bank of Portugal Notice no. 2/2021 (Notice 2/2021), which sets out the regulatory framework applicable to the activity of payment institutions and electronic currency institutions subject to supervision by Bank de Portugal (Institutions).

Notice 2/2021, which came into force on 10 April 2021, is published following Decree-Law No. 91/2018 of 12 November, which approves the Legal Framework for Payment Services and Electronic Currency, transposing into national law Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.

Notice 2/2021 aims to consolidate the framework applicable to the activity of payment institutions and electronic currency institutions subject to supervision of Bank of Portugal, operating by reference to the legal framework of Bank of Portugal Notices 1/2003, 10/2008, 8/2009, 1/2019 and 3/2020. Therefore, it is determined that internally, Institutions must ensure the establishment of governance, internal control and risk management systems that adequately address the risks arising from their activity. Thus, the regulation of the Institutions is strengthened, approaching the regulation currently defined for financial institutions subject to Notice 3/2020 (namely credit institutions and financial companies).

• Institutions that carry out activities with virtual assets

On 23 April 2021, it was published Bank of Portugal Notice 3/2021 (Notice 3/2021), which regulates the registration process with the Bank of Portugal applicable to entities that operate with virtual assets in Portugal. Notice 3/2021, which came into force on 24 April 2021, implements the duty of prior registration, of the referred entities, with the Bank of Portugal, established by paragraph 1 of Article 112-A of Law No. 83/2017 of 18 August (Law on Combating Money Laundering and Terrorist Financing).