PORTUGAL Law and Practice Contributed by: Nuno Lima da Luz and Tomás Gomes da Silva, Cuatrecasas
1. Overview of Blockchain and Crypto- Assets 1.1 Blockchain 1.1.1 Evolution of Uses of Blockchain Portugal has historically been considered a crypto- friendly jurisdiction, drawing founders, entrepreneurs, and significant investment. Over the past 12 months (leading into 2026), the focus has shifted from an unregulated testing ground to a maturing, compli- ant ecosystem. This shift has been driven heavily by the full applicability of the EU’s Markets in Crypto- Assets Regulation (MiCA) (which came into full force on 30 December 2024) and Portugal’s corresponding national implementation, such as Law No 69/2025. The market has matured from retail crypto-trading towards institutional adoption, tokenisation, and Web3 integration. Current use cases being actively explored and adopt- ed in Portugal include the following. • Real estate tokenisation and payments: buying property with crypto-assets has become a tangible use case in Portugal, with a notable percentage of European property listings accepting crypto pay- ments originating in the country. • Tokenised securities: under the EU DLT Pilot Regime (implemented locally via Decree-Law No 66/2023), companies are testing the issuance, trad- ing, and settlement of financial debt instruments via distributed ledger technology (DLT). • Sports and entertainment: major entities, such as the football club SL Benfica, have integrated crypto payments and blockchain-based fan engagement platforms. • Public registries and supply chain: the Portuguese government and local enterprises are exploring blockchain for public sector efficiency and trace- ability in supply chains. The primary issue impacting blockchain over the next 12 months will be strict supervisory enforcement. With the Portuguese Securities Market Commission (CMVM) and the Bank of Portugal (BdP) designated as the competent authorities under the MiCA framework, crypto-asset service providers (CASPs) must strictly adhere to new compliance, capital, and consumer
protection requirements. Additionally, the enforce- ment of the EU’s Digital Operational Resilience Act (DORA) will impact on how blockchain platforms man- age systemic risk and cybersecurity. Blockchain business interacts harmoniously with existing intellectual property (IP) laws in Portugal. Instead of disrupting the core tenets of IP law, block- chain is increasingly used as an administrative tool to secure and prove rights. In July 2023, Portugal offi- cially joined the EU project for the blockchain inte- gration of the European Union Intellectual Property Office (EUIPO) registration platforms. This allows the Portuguese Institute of Industrial Property (INPI) to utilise blockchain to create immutable, time-stamped records of IP rights, enhancing the transparency and Portugal provides environments akin to regulatory sandboxes that cater to blockchain-based projects, both at a domestic and EU level. • Technological Free Zones (ZLTs): established by Decree-Law No 67/2021, ZLTs act as geographical or virtual safe spaces where businesses can test innovative products, services, and technologies – including blockchain – under real-world conditions without immediately incurring the full burden of standard regulatory frameworks. • M4G Sandbox (Market4Growth): launched by the CMVM, this sandbox enables start-ups and unlist- ed companies to test innovative financial services and simulate fundraising (including venture capital or tokenised securities issuance) in a controlled regulatory environment. efficiency of IP protection. 1.1.2 Regulatory Sandbox • Portugal FinLab: while technically an “innovation hub” rather than a sandbox granting regulatory exemptions, it was established by the BdP, the CMVM, and the Insurance and Pension Funds Supervisory Authority (ASF). It provides a dedi- cated communication channel for blockchain and fintech start-ups to engage with regulators and navigate legal complexities. • EU DLT Pilot Regime: implemented via Decree-Law No 66/2023, this serves as an EU-wide regulatory sandbox specifically for market infrastructures
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