PORTUGAL Trends and Developments Contributed by: Nuno Lima da Luz and Tomás Gomes da Silva, Cuatrecasas
Introduction The EU has solidified its position as a global leader in blockchain regulation, transitioning from legisla- tive design to full regulatory enforcement. With the comprehensive application of the Markets in Crypto- Assets Regulation (MiCAR), Europe now operates under a unified and robust legal framework for crypto- assets. Ambitious public infrastructure projects and substantial funding programmes continue to demon- strate the EU’s commitment to technological leader- ship. Portugal has decisively adapted to this new era by enacting critical domestic legislation, cementing its status as a highly attractive and legally secure jurisdic- tion for blockchain businesses. The Regulatory Revolution: MiCAR and National Execution MiCAR: Europe’s comprehensive crypto framework MiCAR represents a watershed moment for blockchain businesses operating across the EEA. Fully applicable since December 2024, it creates a unified regulatory framework across all 27 EU member states for issu- ing, offering, and trading crypto-assets. This regula- tion covers three main categories of digital assets: electronic money tokens (EMTs), asset-referenced tokens (ARTs), and general crypto-assets, including utility tokens. For businesses, MiCAR introduces significant com- pliance requirements, including strict transparency disclosures, authorisation protocols for crypto-asset service providers (CASPs), and robust consumer pro- tection measures. The regulation establishes a pan- European licensing system, meaning that a CASP licence obtained in one EU member state allows operations across the entire bloc. This passporting mechanism represents a major operational advantage for businesses seeking scalable European market access. Companies must now implement comprehensive governance frameworks covering everything from IT resilience to the stringent segregation of client funds. This newfound regulatory clarity aggressively reduces the historical uncertainty of the European crypto land- scape. Consequently, it strongly encourages greater
institutional investment and paves the way for main- stream corporate adoption. Portugal’s execution of MiCA: Law 69/2025 Addressing previous uncertainties regarding the domestic application of MiCAR, Portugal enacted Law No 69/2025 on 22 December 2025. This landmark leg- islation ensures the effective integration of the Euro- pean framework into the Portuguese legal system. It provides clear guidelines on the national competent authorities, applicable supervisory procedures, and the specific penalty regime for non-compliance. Under this new law, supervisory responsibilities are strategically divided between the Bank of Portugal (BdP) and the Portuguese Securities Market Commis- sion (CMVM). The BdP is primarily responsible for the authorisation and prudential supervision of CASPs, as well as the oversight of ARTs and EMTs. Conversely, the CMVM handles behavioural supervision, market abuse prevention, and the public offering of general crypto-assets. The authorisation process for new CASPs involves mandatory co-operation between both regulatory bodies to ensure thorough market scrutiny. The BdP acts as the primary point of contact, receiving appli- cations and co-ordinating with the CMVM to assess both technical and governance requirements. Further- more, the law establishes a strict sanctioning regime, with fines reaching up to EUR5 million for very serious administrative offences. Transitional regime for existing operators Law 69/2025 also provides vital clarity for businesses already operating in the Portuguese market under the previous regulatory framework. Entities that were successfully registered as virtual asset service provid- ers (VASPs) with the BdP before 30 December 2024 benefit from a specific grandfathering provision. This transitional period allows them to continue their oper- ations without immediate regulatory disruption. These existing operators may continue providing their services under the previous AML framework until 1 July 2026. Alternatively, this period concludes earlier if their formal application for a MiCAR CASP authori- sation is officially granted or refused. This timeline
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