A two-bedroom apartment in Braga was purchased for 3 bitcoin on May 5, 2022, the first crypto-only transaction for a property purchase in the history of Portugal. At the time, the 3 bitcoin were worth around €110,000. The purchase happened without having to convert the crypto into euros, making it not only the first property transaction in Portugal but all of Europe.
Real estate company Zome participated in the deal, as well as the law firm Antas da Cunha Ecija and Crypto Valley. Zome said on Facebook that “the deed represents a historic mark, the transference of digital crypto to a physical asset – a house – without converting it to euros. We believe today a new world of possibilities is open for the real estate sector!”.
According to Idealista, in order to combat money laundering, there are additional requirements for a deed of a property purchased with cryptocurrency. The following requirements are necessary to purchase property with crypto in Portugal:
- Necessary to show where the money came from (bank account)
- Understand the route of the money until it reached its digital function (bitcoin)
- The number of the digital wallet
- Identify those involved in the transaction (name, profession, address)
- Prove that the money leaves a wallet to the other in the moment of the transaction