PORTUGAL Trends and Developments Contributed by: Diogo Pereira Duarte, Ricardo Henriques, Isabel Pinheiro Torres, Diogo Matos Horta and Marta Boura, Abreu Advogados
Crypto-Assets and MiCAR Implementation Prior to MiCAR, the regulatory treatment of crypto- assets was marked by fragmentation across national legal frameworks. This fragmentation led to persis - tent uncertainty regarding the classification of dif - ferent types of crypto-assets and, consequently, the regulatory regimes applicable to their issuance and management. The Markets in Crypto-Assets Regula - tion (MiCAR), adopted in 2023, which establishes the first harmonised legal framework for crypto-assets in the European Union, marks a relevant moment for the regulation of crypto-assets. Following the adoption of MiCAR, this uncertainty continued to affect market development, particu - larly due to the limited establishment of crypto-asset service providers (CASPs) in the absence of a clear national implementation framework. Until implement - ing legislation was adopted, questions remained regarding which Portuguese supervisory authority would be responsible for authorising and supervis - ing CASPs, as well as how supervisory competences would be allocated. This uncertainty was addressed at the end of 2025 with the publication of Law No 69/2025 of 22 Decem - ber, which implemented MiCAR at national level and established a shared supervisory framework between the Portuguese Securities Market Commission (CMVM) and the Bank of Portugal (BdP). The adoption of this framework has provided greater legal certainty for market participants and clarified the institutional responsibilities applicable to crypto-asset activities in Portugal. Under MiCAR, CASPs are subject to harmonised requirements relating to authorisation, governance, prudential safeguards and conduct of business. Once authorised in a member state, CASPs benefit from an EU passport, enabling them to provide ser - vices across the European Union without the need for additional local authorisations, subject only to a notification procedure with the competent authority of their home member state. This passporting regime is expected to foster cross-border competition and scalability, facilitating the provision of crypto-asset services across the single market.
From a strategic perspective, MiCAR supports the European Union’s objective of developing a robust and credible digital asset ecosystem, balancing inno - vation with investor protection and financial stability. It also positions the EU as a global regulatory refer - ence point, offering a structured alternative to more fragmented or permissive regulatory environments. For fintech companies operating in the crypto-asset space, MiCAR represents both compliance challenges and strategic opportunities, particularly through lev - eraging regulatory certainty and passporting rights to scale operations across the EU. The implementation of MiCAR is also expected to accelerate the institutionalisation of the crypto-asset sector, encouraging greater participation by traditional financial institutions, asset managers and institutional investors. At the same time, it raises standards in gov - ernance, transparency and operational resilience, with the potential to reshape competitive dynamics within the market. Against this background, Portugal is well positioned as an attractive jurisdiction for crypto-asset activities, benefiting from access to the EU passporting regime, a clarified supervisory framework and comparatively competitive authorisation costs, while remaining fully Digital operational resilience has become a critical pri - ority across the European financial sector, driven by the increasing cyber threats and growing technologi - cal complexity. The Digital Operational Resilience Act (DORA) represents the EU’s comprehensive response to these challenges, establishing uniform requirements for ICT risk management across the financial sector. Although DORA has been applicable since 17 Janu - ary 2025, Portugal implemented it at a national level through Law No 73/2025 published on 23 December 2025 (the “National Implementation Law”). Market participants are therefore expected to begin address - ing the practical challenges of compliance throughout 2026. integrated within the EU single market. European Digital Operational Resilience Framework
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