PORTUGAL Law and Practice Contributed by: Nuno Lima da Luz and Tomás Gomes da Silva Cuatrecasas
Portugal
Spain
Lisbon
Contents 1. Overview of Blockchain and Crypto-Assets p.507 1.1 Blockchain p.507 1.2 Crypto-Assets p.509 2. Regulation p.512 2.1 Regulators and International Alignment p.512 2.2 Crypto-Asset Regulatory Frameworks p.512 2.3 Regulated Firms and Legal Wrappers p.513 2.4 Token Issuance p.513 2.5 Market Abuse p.514 2.6 Non-Compliance p.514 3. Licensing and Set-Up Requirements p.514
3.1 Licensing Requirements p.514 3.2 Set-Up Requirements p.515 3.3 Change of Control p.515 3.4 Passporting p.516 4. Cross-Border Services p.516 4.1 Marketing p.516 4.2 White Labelling p.516 5. Decentralised Finance p.517 5.1 Ability to Use DeFi p.517 5.2 DeFi Structures p.517 5.3 Liability p.517 6. Payments and Stablecoins p.518
6.1 Payments p.518 6.2 Stablecoins p.518 7. Tokenisation and Real-World Assets p.519 7.1 Treatment p.519
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