PORTUGAL Law and Practice Contributed by: Jorge Silva Martins, João Carminho and Inês Coré, CS’Associados
1.5 The Role of Blockchain in the Digital Economy Blockchain technology is revolutionising the digital economy, offering a decentralised and secure mechanism to manage transactions, data, and processes across various industries. In the TMT sector, blockchain has emerged as a transformative tool, driving transparency, reduc - ing reliance on intermediaries, and enabling faster, more efficient operations. While crypto - currencies remain one of its most recognisable applications, blockchain’s potential extends far beyond digital currencies, creating significant opportunities for innovation and growth. Blockchain technology offers transformative potential, but its adoption is not without chal - lenges. One key issue is regulatory uncertainty. Despite substantial progress in certain areas (mainly due to the anti-money laundering regime and MiCA), ambiguity remains around the clas - sification of cryptocurrencies and tokens, par - ticularly regarding their compliance with securi - ties laws and licensing requirements. This lack of clarity creates hurdles for businesses seeking to innovate within a secure and compliant legal framework. Additionally, blockchain’s pseudonymity intro - duces significant risks related to anti-money laundering (AML) and counter-terrorism financ - ing (CTF). Businesses operating in this space must implement robust due diligence measures to mitigate these risks and adhere to legal obli - gations. Another challenge lies in reconciling blockchain’s inherent transparency and immu - tability with the requirements of the General Data Protection Regulation. Blockchain and cryptocurrency activities in Por - tugal are increasingly subject to regulatory over - sight, creating a structured framework for their
• Fair contracts: draft digital contracts that are fair and free from unfair or imbalanced clauses; • Secure transactions: implement robust secu - rity measures to safeguard consumer data and ensure safe online transactions, which are essential for maintaining trust and com - plying with data protection regulations; and • Customer support: provide accessible and responsive customer service channels for handling consumer complaints, inquiries, and dispute resolution. The resolution of consumer disputes in the digi - tal economy is guided by the Consumer Protec - tion Law and other related regulations. Disputes of low economic value (up to EUR5,000.00) are subject to mandatory arbitration or mediation if the consumer expressly chooses to submit the matter to an arbitration court attached to legally authorised consumer dispute arbitration centres. For disputes of up to EUR15,000.00, the “ julga- dos de paz ” (extrajudicial courts) can also play a significant role, provided they are territorially competent. For disputes exceeding this thresh - old, the general civil procedural law applies, and ordinary civil courts have jurisdiction. To effectively manage consumer disputes, TMT companies must ensure strict compliance with the legal standards outlined in the relevant laws (listed above), particularly regarding transparen - cy, fairness, and the avoidance of unfair contrac - tual clauses. Additionally, they should establish efficient internal communication and consumer- focused dispute resolution channels. By foster - ing the use of out-of-court dispute resolution mechanisms, companies can minimise reliance on formal court proceedings, thereby reducing the associated time, costs, and complexities, while enhancing consumer trust.
383 CHAMBERS.COM
Powered by FlippingBook