New Portuguese regulation permits crypto-only realestate deals.
Apartment Sold for Bitcoin in Portugal After New Regulation Allows Property Deals in Crypto
The new owner paid 3 bitcoins for the home, worth around 110,000 euros at the time the purchase took place. The title deed was transferred in Porto’s Póvoa de Varzim district this past Thursday, May 5, the business news portal Idealista unveiled. Buying property directly with cryptocurrency is now possible in Portugal thanks to a new provision recently adopted by the, the body which regulates notary activities together with the Ministry of Justice.
Certain procedures must be followed to conduct such sales, to comply with anti-money laundering rules. The source of the fiat funds — a bank account — with which the digital assets were purchased, has to be indicated and the public address of the crypto wallet presented, before the coins are transferred.
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