PORTUGAL Law and Practice Contributed by: Nuno Lima da Luz and Tomás Gomes da Silva, Cuatrecasas
BdP and the CMVM depending on the token type and regulatory topic. Transitional provisions are important for firms that were previously registered only for AML purposes, because continuing activity is allowed only up to 1 July 2026 at the latest, and token issuance or service expansion plans must be mapped into MiCA authorisation timelines. In short, token launches “from Portugal” are viable, but only with early category determination, correct authority engagement, and a MiCA-compliant disclosure package. For tokens that qualify as financial instruments instead of crypto-assets, financial markets rules such as those arising from MiFID II and the Portuguese Securities Code will apply, regardless of the technological wrap- per of the asset. 2.5 Market Abuse Portugal now has a clear market abuse framework for crypto-assets admitted to trading on a crypto-asset trading platform within MiCA’s scope. Law 69/2025 explicitly classifies as “very serious” administrative offences the use or transmission of inside informa- tion, breaches of the inside information disclosure regime, market manipulation (subject to potential criminal characterisation), failures to maintain effec- tive prevention and detection systems, and failures to report suspicious orders/transactions by those who professionally organise or execute crypto-asset trans- actions. This national sanctions framework operation- alises MiCA’s market integrity goals within Portugal’s enforcement system and clarifies that crypto-asset market abuse is not an unregulated space. Compared to traditional securities regimes, the major practical differences are usually the market micro- structure and data environment rather than the core prohibitions. Crypto trading often occurs across frag- mented venues, with faster retail participation and different custody and settlement mechanics, which makes surveillance and attribution harder and increas- es reliance on platform-level monitoring tools. ESMA stakeholder materials emphasise issues such as online marketing dynamics, “finfluencers”, and the need for surveillance of undesirable practices that have con- tributed to CASP collapses in the past, which forms part of the supervisory context for market integrity. In effect, Portugal and the EU have chosen to apply
“market abuse-type” norms to crypto markets, but with a stronger operational focus on platform controls and suspicious activity reporting. 2.6 Non-Compliance Portugal’s post-MiCA enforcement framework is now explicit and substantial. Law 69/2025 sets out wide- ranging administrative offences, and it empowers authorities to impose precautionary measures includ- ing seizure and freezing of “values and crypto-assets”, as well as closure of establishments where illicit activ- ity is carried out. It also establishes meaningful sanc- tions for unauthorised provision of crypto-asset ser- vices and for misleading indications that a person is an authorised CASP. This indicates that Portuguese enforcement is designed to be more than advisory and that regulators can act quickly where consumer or market risks are detected. On cross-border breaches, the system is oriented around administrative co-operation and points of contact. Law 69/2025 designates the BdP and the CMVM as points of contact for cross-border admin- istrative co-operation under MiCA, which facilitates co-ordinated supervisory responses where firms solicit or serve clients across member states. Pre- MiCA, the BdP also used public alerts to warn that certain entities were not registered as VASPs under its supervision and, in some cases, not authorised to accept deposits or other repayable funds, which is a form of reputational enforcement particularly relevant for cross-border online schemes. Over the next 12 months from 13 April 2026, enforcement intensity is likely to increase around the 1 July 2026 transition deadline, because that date creates a clear compli- ance boundary between legacy AML registration and full MiCA authorisation. 3. Licensing and Set-Up Requirements 3.1 Licensing Requirements In Portugal, licensing/authorisation triggers now arise primarily under MiCA for crypto-asset services and certain token issuance, supplemented by AML/CFT perimeter rules. Historically, “activities with virtual assets” could only be exercised by entities obtaining prior registration with the BdP under Article 112-A of
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