Crypto Payments Firm Utrust Receives Operating License From Central Bank of Portugal

The company, acquired in January by Elrond, plans to begin operating in Europe as a virtual asset service provider in several months.

AccessTimeIconMar 16, 2022 at 8:03 p.m. UTC
Updated May 11, 2023 at 7:16 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Utrust, a Portugal-based on-chain crypto payments firm, has received a license from the Portuguese central bank (Banco de Portugal) to operate as a virtual asset service provider, Nuno Correia, Utrust co-founder and chief strategy officer, told CoinDesk on Wednesday.

  • Currently, Utrust is licensed and regulated as a crypto service provider in Estonia, which allows the company to also provide services in Portugal and the rest of the European Union. But Correia said the company plans to begin operating in those territories with its new license, which provides more reassurance to partners and customers because it’s issued by a central bank, in several months.
  • In June, Banco de Portugal licensed two cryptocurrency exchanges for the first time, Critoloja and Mind The Coin, recognizing them as virtual asset service providers. The bank had previously granted a crypto exchange license to Luso Digital Assets, which is registered in 36 countries, including France, the U.K. and Spain.
  • In January, Utrust was acquired by Elrond, a layer 1 smart-contract platform that leverages the web assembly (WASM) virtual machine.
  • Utrust was granted the only full all-categories license authorized by Banco de Portugal so far, according to Correia. The license allows a company to offer exchange services between fiat and digital assets, and between digital assets. It also enables a firm to transfer virtual assets between wallets and offer virtual assets safekeeping services, according to an official document published by the monetary authority.
  • Aptos' APT Token Down 52% in April After Booming March: VanEck
    Aptos' APT Token Down 52% in April After Booming March: VanEck
  • Key Events You Shouldn't Miss at Consensus 2024
    Key Events You Shouldn't Miss at Consensus 2024
  • What to Expect From Consensus 2024
    What to Expect From Consensus 2024
  • Will Solana and Altcoins Dominate the Market Next?
    Will Solana and Altcoins Dominate the Market Next?
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Andrés Engler

    Andrés Engler was a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.