Are stablecoins legal in Portugal?
Holding and using stablecoins is legal in Portugal, and they are regulated under the European Union framework MiCA. MiCA splits stablecoins into two categories: asset referenced tokens, which reference a basket or assets other than a single currency, and electronic money tokens, which reference a single official currency such as the euro or the dollar. As of January 2026, issuance of these tokens is supervised by the Banco de Portugal under the national implementing law, and only authorised issuers may offer them. The CMVM handles market conduct.
The rules in detail
Stablecoins are legal in Portugal and, as of January 2026, fall under the stablecoin specific parts of MiCA, brought into national law by Law No. 69/2025. MiCA was the first major framework to set dedicated rules for stablecoins, and those rules came into application across the European Union ahead of the broader crypto asset service provider regime. The aim is that a token marketed as stable is backed by adequate reserves and is redeemable, so the focus of the law is on the issuer rather than on the individual who holds the token.
MiCA defines two categories. An electronic money token references the value of a single official currency, for example a euro or dollar stablecoin, and must be issued by an authorised credit institution or electronic money institution, with holders entitled to redeem at par. An asset referenced token references a basket of assets, several currencies, or other crypto, and is subject to its own authorisation and reserve requirements. As of January 2026 the Banco de Portugal is the competent authority in Portugal for the issuance of both categories, meaning asset referenced tokens and electronic money tokens, while the CMVM supervises market conduct. A practical consequence is that platforms operating in the bloc have favoured euro and dollar stablecoins from authorised issuers and have delisted or restricted tokens whose issuers do not meet the MiCA requirements.
What this means for a holder
For an individual, holding and transacting in a compliant stablecoin is legal, and you do not need a personal authorisation. The main practical effect is that the choice of available stablecoins on regulated platforms reflects which issuers are authorised, so a token that is widely used elsewhere may not be offered to Portugal residents if its issuer is not compliant. Always check which stablecoins a platform supports for your market.
Stablecoins are taxed as crypto in Portugal, not as currency. As of January 2026, a disposal of a stablecoin, including swapping it for another crypto, can be a taxable event under the same rules that apply to other crypto, with a flat 28 percent on gains from assets held under 365 days and a general exemption at 365 days or more for non security tokens. Because a stablecoin holds its value, gains are often small, but the reporting obligation can still apply. The full position is on the Portugal crypto tax page. Verify your case with the Autoridade Tributaria e Aduaneira or a qualified Portuguese tax professional before you file.
Compare available exchanges in Portugal
Platforms available to Portugal residents under MiCA list the euro and dollar stablecoins whose issuers meet the requirements. Use the comparison to see which platforms are available.
Compare available exchanges in PortugalRegulator and sources
The supervisors are the Banco de Portugal, for the issuance of asset referenced tokens and electronic money tokens, and the CMVM, for market conduct. The tax authority is the Autoridade Tributaria e Aduaneira.
- Regulation (EU) 2023/1114 (MiCA), titles on asset referenced tokens and electronic money tokens.
- Law No. 69/2025 of 22 December, implementing MiCA in Portugal.
- Banco de Portugal information on the application of the EU MiCA Regulation and stablecoin issuance.
Frequently asked questions
- Are stablecoins legal in Portugal?
- Yes. As of January 2026, holding and using stablecoins is legal in Portugal, and they are regulated under MiCA. Only authorised issuers may issue the tokens, and the Banco de Portugal supervises issuance.
- What are the two types of stablecoin under MiCA?
- Asset referenced tokens, which reference a basket or assets other than a single currency, and electronic money tokens, which reference a single official currency such as the euro or the dollar. Each has its own authorisation and reserve rules.
- Which authority supervises stablecoins in Portugal?
- As of January 2026, the Banco de Portugal is the competent authority for the issuance of asset referenced tokens and electronic money tokens, and the CMVM supervises market conduct.
- Why are some stablecoins not available to Portugal users?
- Regulated platforms list stablecoins whose issuers meet the MiCA requirements. A token whose issuer is not compliant may be restricted or delisted for Portugal residents, even if it is widely used elsewhere.
- Are stablecoins taxed in Portugal?
- Stablecoins are taxed as crypto, not as currency. A disposal, including a swap into another crypto, can be a taxable event under the general crypto rules. Confirm your case with the tax authority.