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Portugal is taking big strides in regulating the cryptocurrency scene. In a parliamentary session this week, the country’s treasury department outlined new legislation aimed at boosting oversight of digital-asset transactions, tightening anti-money laundering (AML) safeguards, and giving consumers and investors more protection.
Why Portugal is stepping up the regulation
According to the Secretary of State for Treasury and Finance, João Silva Lopes, the changes are designed to secure “regulatory stability” in the financial sector while protecting users of crypto-assets.
The government brought forward three legislative proposals:
Two aimed at strengthening supervision of digital-asset service providers and transaction monitoring.
One focused on ensuring immediate euro transfers in certain contexts.
Lopes described the package as a “decisive step” for the crypto market in Portugal, emphasising the need both to support innovation and guard against risks.
What the new rules cover
1. Transposing EU rules (the Markets in Crypto‑Assets Regulation (MiCAR)
One of the proposals implements the EU regulation known as MiCAR (Regulation (EU) 2023/1114), which establishes a harmonised crypto-asset framework across Europe including rules for asset-referenced tokens, electronic money tokens and crypto-asset service providers (CASPs).
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This means Portuguese law will define who can provide crypto-services, how they must be authorised, and which authorities supervise them (namely the Banco de Portugal and the Comissão do Mercado de Valores Mobiliários (CMVM)).
2. Stronger anti-money laundering (AML) rules for crypto-services
The second legislative text brings crypto-service providers under the same AML obligations as financial entities. In practical terms:
If you’re a crypto-asset service provider headquartered in Portugal (or in another EU country but operating via a branch in Portugal), you’ll have to comply with Law No. 83/2017 (Portugal’s AML law) and be recognised as a “financial entity” for those purposes.
Supervisory authorities (Banco de Portugal, CMVM and the Public Prosecutor’s Office) get full powers to request information, monitor operations, and enforce compliance.
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3. Extended transition period for compliance
During the parliamentary session, H Lopes acknowledged that the transitional period for firms to adapt will be extended. The original deadline of 30 December 2025 is now being pushed to June 2026.
Key themes from the parliament debate
Members from the Livre party pointed out that crypto-assets are an “inescapable reality” for many citizens to invest, save or make payments, and so regulation is needed to create security and clarity.
Others, like the Iniciativa Liberal, stressed the need for legal predictability, warning that companies may move to other jurisdictions if Portugal falls behind.
There was also emphasis on additional policy fronts:
Ensuring fair pricing and inclusion of micro, small and medium‐sized enterprises (MSMEs) in the crypto-economy.
Regulating advertising of crypto-economy activities on social media.
Revisiting the tax treatment of crypto-assets: One place flagged is the current 28% tax on capital gains from crypto held for less than 365 days, with calls to integrate crypto income with general income taxation.
What this means for you, investors, service providers, everyday users
Crypto service providers (exchanges, wallet custodians, token issuers) will now face stricter authorisation and supervision requirements. If you plan to operate in Portugal, you should start preparing.
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Investors and consumers will benefit from enhanced protections: clearer rules, oversight of providers, and alignment with the European standard.
Everyday users may see transparency improve (in fees, service terms, disclosures) and risks reduce (fraud, money-laundering, provider failures).
Because the transitional window extends into mid-2026, there is time to adapt, so firms and users alike should use this period to update processes, conduct due-diligence and review contractual relationships.
The broader regulatory shift is part of a Europe-wide push: the EU’s MiCAR framework is already raising the bar for crypto firms across member states, and Portugal’s actions signal that the country is aligning itself with those developments.
Why this matters for Portugal’s crypto reputation
For years Portugal has been regarded as somewhat crypto‐friendly (in part due to favourable tax rules and relatively light licensing regimes).
The new rules mark a pivot: maintaining a welcoming stance to innovation, but layering in robust supervision so that irresponsibility or regulatory gaps do not undermine the sector.
From a broader perspective, implementing MiCAR and aligning domestic law means Portugal positions itself as a more credible jurisdiction for crypto businesses, potentially attracting more institutional interest and reducing regulatory uncertainty.
Quick FAQ
When do the new rules take full effect? Firms have to prepare now, but full authorisation under the new framework must be achieved by June 2026 (instead of December 2025).
Who will supervise crypto-providers? The Bank of Portugal and the CMVM will jointly take on roles under the new regime.
Do the rules affect everyday crypto investors? Yes, indirectly. While you may still trade crypto, the providers you use will be better regulated, and protections will improve.
Does this change Portugal’s tax rules on crypto-gains? Not directly in this bill, but tax is a debated topic in parliament and may see reform.
In summary
Portugal is entering a new chapter for crypto regulation. By transposing the EU MiCAR framework and reinforcing AML/CFT rules for crypto-service providers, the government aims to bolster consumer protection, ensure regulatory stability, and keep the country a credible player in the digital-asset space. With the transition period stretching to June 2026, market participants have a window to align with the new rules.
Insight for readers: If you’re involved in the crypto market in Portugal, whether as a provider, investor or user, this is a moment to review your arrangements. Check that your provider is compliant and registered, update your risk procedures, and keep an eye on upcoming tax and advertising reforms. The landscape is shifting and being ahead of the curve can pay off.
Disclaimer: This blog post is for informational purposes only and does not constitute legal or financial advice. Always consult with a qualified professional before acting on regulatory or tax matters.