How is crypto regulated in Portugal?

The rules in detail

Crypto is legal in Portugal and, as of April 2026, is regulated under the European Union Markets in Crypto Assets Regulation (MiCA). Portugal implemented MiCA in national law through Law No. 69/2025 of 22 December, which set out the competent authorities and the authorisation procedure after a long period of uncertainty over who supervised the sector.

The law establishes a twin peaks supervisory model. The Banco de Portugal is the prudential supervisor: it authorises crypto asset service providers, oversees their governance and capital requirements, supervises significant providers, and is responsible for the issuance of stablecoins, meaning asset referenced tokens and electronic money tokens. The CMVM is the market conduct supervisor: it oversees the issuance of crypto assets other than stablecoins, market abuse on trading platforms, and the conduct of providers toward their clients. As of April 2026, a firm seeking to serve Portuguese residents applies to the Banco de Portugal for authorisation, and the CMVM is notified and issues an opinion on whether the application is complete, with a window of between 10 and 15 business days to do so.

A grandfathering regime bridges the old and new systems. Entities 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 occurs first. The transitional filing window ran from late December 2024 to late December 2025, and providers that did not file lost the right to keep operating without a granted authorisation.

Taxes in brief

Regulation and tax are handled separately. Crypto gains are taxable in Portugal, with a flat 28 percent rate on assets held under 365 days and a general exemption at 365 days or more for non security tokens. The full position is set out on the Portugal crypto tax page.

Regulator and sources

The supervisors are the Banco de Portugal, as prudential and authorising authority, and the CMVM, as market conduct authority.

• Law No. 69/2025 of 22 December, implementing MiCA in Portugal.
• Banco de Portugal press release on the application of the EU MiCA Regulation.
• Regulation (EU) 2023/1114 (MiCA).
• DLA Piper legal alert on Portugal implementing the crypto assets and transfer of funds regulations, 2025.

Frequently asked questions

How is crypto regulated in Portugal?

Crypto is regulated under the EU MiCA framework, implemented by Law No. 69/2025. Supervision is shared between the Banco de Portugal, for authorisation and prudential matters, and the CMVM, for market conduct.

Which authority authorises a crypto exchange in Portugal?

The Banco de Portugal leads authorisation of crypto asset service providers. The CMVM is notified and issues an opinion on whether the application is complete within 10 to 15 business days.

What is the twin peaks model in Portugal?

It splits supervision: the Banco de Portugal handles prudential oversight and stablecoin issuance, while the CMVM handles market conduct, market abuse, and provider behaviour toward clients.

Can existing providers keep operating under MiCA?

Firms registered under the earlier virtual asset service provider regime may continue until 1 July 2026, or until a MiCA authorisation is granted or refused, whichever comes first.

Does MiCA cover stablecoins in Portugal?

Yes. The Banco de Portugal supervises the issuance of asset referenced tokens and electronic money tokens, the two stablecoin categories defined under MiCA.