Portugal To Open First Physical Crypto Store

January 21, 2022 4:27 pm Comments

Portugal is set to open the first physical store that will allow the buying and selling of cryptocurrencies directly on the site.

The store is being opened by a Spanish startup named Bitbase that is looking to open a chain of walk-in cryptocurrency exchanges around the country.

The company announced the plans to open this first shop in Lisbon on January 24th which will allow for the exchange of 7 different currencies which will include the most popular options such as Bitcoin, Ethereum, Ripple, Litecoin, and more.

Customers of the store can purchase using a variety of methods such as cash or bank card.

Operationally, the store itself will have multiple ATM-like machines in order to perform the transactions as well as on-site customer support for those who are unfamiliar with the process.

Coingape.com reports:

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 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.

As of right now, the country of Portugal does not have a legal regulatory framework for trading cryptocurrencies and have warned the general public about exposure to this industry.

At the same time though, the businesses are not prohibited either which allows Bitbase to continue setting up more chain stores provided that the launch is a success.

The company has stated that it hopes to implement it’s business strategy in Portugal to other countries like the United Kingdom and South America as well as it sees high potential market demand.

This new approach taken by the company is an interesting expansion for the crypto industry as the blockchain and crypto space is typically known to only be done online digitally.

By launching physical locations for crypto exchanges in a similar fashion as fast food chains launching fast food restaurants, this may be a strategy that provides a sense of legitimacy to the crypto industry as a whole.

Econews.pt explains:

“This will not be the only establishment the company will have in Portugal,” reads a note to which ECO had access.

The company has already started the process to find a place where it will install “another store” in Porto.

BitBase cites data from the Radar Coin ATM website to state that “there are only four digital currency distributors” in Portugal.

This is a much lower number than in Spain, notes the startup, “where 149 are already operating”.

The Spanish market is, however, larger than the Portuguese one.

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