Is crypto legal in Portugal?
Holding, buying, and selling crypto is legal in Portugal. Since Law No. 69/2025 of 22 December implemented MiCA, providers serving Portuguese residents must be authorised as crypto asset service providers, supervised under a twin peaks model by the Banco de Portugal and the CMVM. Gains on assets held under 365 days are taxed at 28 percent, while assets held 365 days or longer are generally exempt.
The rules in detail
Holding, buying, and selling crypto is legal in Portugal. As of May 2026, the market is regulated under the European Union Markets in Crypto Assets Regulation (MiCA), which Portugal brought into national law through Law No. 69/2025 of 22 December. Before that law, market participants faced uncertainty over which authority supervised crypto and which authorisation applied, and the new framework resolves that.
Supervision follows a twin peaks model. The Banco de Portugal acts as the prudential supervisor, authorising crypto asset service providers, overseeing their governance and capital requirements, and supervising the issuance of stablecoins, meaning asset referenced tokens and electronic money tokens. The Comissao do Mercado de Valores Mobiliarios (CMVM) acts as the market conduct supervisor, overseeing the issuance of other crypto assets, market abuse on trading platforms, and how providers treat their clients. As of May 2026, any firm that wants to serve Portuguese residents must be authorised as a crypto asset service provider, with the Banco de Portugal leading authorisation and the CMVM giving an opinion in the process.
A transitional regime applies. Firms that were registered with the Banco de Portugal under the earlier virtual asset service provider regime may continue operating until 1 July 2026, or until a MiCA authorisation is granted or refused, whichever comes first. Providers that did not file within the transitional window lost the right to keep operating without a granted authorisation.
Tax
Portugal taxes personal crypto capital gains. As of May 2026, a disposal of crypto held for less than 365 days is taxed at a flat rate of 28 percent, while a gain on crypto held for 365 days or more is generally exempt from personal income tax, except for tokens classed as securities. A crypto to crypto swap is treated as a disposal, which resets the 365 day holding clock for the new asset. Gains linked to a blacklisted jurisdiction can be taxed at 35 percent. Crypto received as income, for example from professional activity, is taxed under other categories. The tax authority is the Autoridade Tributaria e Aduaneira (AT), and disposals are reported on Anexo G for domestic platforms or Anexo J for foreign platforms. Verify before filing.
Compare available exchanges in Portugal
Several crypto asset service providers operate for Portugal residents under the MiCA framework. Use the comparison to see which platforms are available and how they handle the transition to MiCA authorisation.
Compare available exchanges in PortugalRegulator and sources
The supervisors are the Banco de Portugal (prudential and authorisation) and the CMVM (market conduct), with the Autoridade Tributaria e Aduaneira responsible for tax.
- Law No. 69/2025 of 22 December, implementing MiCA in Portugal.
- Banco de Portugal press release on the application of the EU MiCA Regulation.
- CMVM, on its market conduct role for crypto assets.
- Portuguese Personal Income Tax Code (IRS), Category G, on crypto capital gains.
Frequently asked questions
- Is crypto legal in Portugal?
- Yes. Holding, buying, and selling crypto is legal and, since Law No. 69/2025 implemented MiCA, the market is regulated under the EU framework with supervision by the Banco de Portugal and the CMVM.
- Who regulates crypto in Portugal?
- Portugal uses a twin peaks model. The Banco de Portugal authorises and prudentially supervises providers and stablecoin issuers, while the CMVM supervises market conduct and abuse.
- How is crypto taxed in Portugal?
- Gains on crypto held under 365 days are taxed at a flat 28 percent, while gains on assets held 365 days or more are generally exempt, except securities tokens. The authority is the Autoridade Tributaria e Aduaneira.
- Can I still use a crypto exchange during the MiCA transition?
- Firms registered under the earlier virtual asset service provider regime may keep operating until 1 July 2026 or until a MiCA authorisation is granted or refused, whichever comes first.
- Does holding crypto long term avoid tax in Portugal?
- Holding crypto that is not a security for 365 days or more generally makes the gain exempt from personal income tax, but a crypto to crypto swap resets the holding clock.