#1 - Comments on Banco de Portugal’s Public Consultation no. 5/2020
#2 - Reply to FATF's draft revised guidance for a risk-based approach to Virtual Assets and Virtual Asset Service Providers
#1 - An introduction to cryptoasset compliance for commercial banks
Portugal is at a crucial crossroads. Accidents of history and a reasonable tax policy have brought to our shores new tech-savvy residents who are deeply involved in developing the next generation of network technologies: blockchain.
Our country has been a land of adventurers, explorers, and investment in new technology from the earliest days. The Infante Dom Henrique and his family were involved in the development of the caravel ship which allowed Portuguese sailors to travel all across the globe. Dom Henrique donated houses to form the University of Lisbon and his brother Pedro collected maps and geographic expertise while on diplomatic tour of Europe. Dom Henrique also funded the explorations and a school in Sagres with scholars from all over the world, distributed charts and navigational instruments to sailors and scientists, passing on knowledge to a new generation of intrepid explorers. It was this community that refined navigational equipment and cartography, enabling the voyages that changed the way Europe saw the world 500 years ago.
We at Instituto New Economy build the maps and tools which help Portugal navigate its digital future. The armillary sphere, balestilha and astrolabes of the 21st century are educational assets and software for modern navigators of this new economy. Like the legendary school at Sagres, we also hope to provide a meeting point for scholars and explorers to exchange information, discuss pressing problems and work out useful solutions. We provide these resources in hopes of making Portugal a 21st century powerhouse of blockchain development and software startups in general.
What are our goals for the digital future of Portugal?
1. Friendly and clear regulatory regimes for blockchain startups, compliant with the best international practices.
2. Cooperation and collaboration with our colleagues in other technological advocacy groups all over the world.
3. Continued friendly tax regime for cryptoassets and cryptocurrency.
4. Reverse the Portuguese brain-drain: we want to bring Portugal's technological talent back to Portugal to work for the good of our society and tax base; our talent has benefitted other countries for too long.
5. Educate policy makers and academics on the latest in blockchain use cases, technologies, and potentialities.
6. Formation of new technology and innovation parks with integrated legal, professional, and technological assistance.
We realise our vision is ambitious but what’s at stake for Portugal is so transformative that it is worth the endeavour. After all, not so many centuries ago we were once a well-respected power, not because of our small size, but due to the knowledge and cutting edge technology we exported around the world. This was achieved through bold leadership and risk-taking as our explorers went beyond the edges of the known earth for the sake of shaping our future.
And there’s no reason we cannot do the same in this vast and endless digital world, under creation at breakneck speed before our eyes.
Join us in helping Portugal become a leader of the new economy.