Portugal -- Regulatory Status Regulatory Overview

Portugal has a partial regulatory approach to cryptocurrencies/virtual assets, focusing primarily on anti-money laundering (AML), counter-terrorist financing (CFT), and taxation, with ongoing alignment to the EU's Markets in Crypto-Assets (MiCA) regulation. Crypto-assets are legal to own, trade, and use, but lack full prudential or consumer protection rules outside these areas, operating in a regulatory gray area.[1][2]

Primary Regulatory Bodies

• Banco de Portugal (BdP, Bank of Portugal): Registers virtual asset service providers (VASPs) and supervises AML/CFT compliance; handles MiCA authorization applications for crypto-asset service providers (CASPs) starting July 2026.[1][2][3]
• Comissão do Mercado de Valores Mobiliários (CMVM, Portuguese Securities Market Commission): Determines if crypto-assets qualify as financial instruments; shares MiCA supervision with BdP.[1][3]
• Autoridade Tributária e Aduaneira (AT, Portuguese Tax and Customs Authority): Enforces crypto taxation, including reporting requirements.[1][4]

Key Legislation and Dates

• Lei n.º 24-D/2022 (State Budget Law, effective January 1, 2023): Introduced 28% tax on crypto gains held <365 days; long-term gains (>365 days) tax-free unless involving tax havens or security tokens.[1][4][7]
• Law No. 69/2025 (December 2025): Incorporates MiCA and Transfer of Funds Regulation (TFR) into national law; treats CASPs as financial entities under AML rules; effective July 2026.[3]
• Law No. 70/2025 (January 2026): Further implements TFR alongside MiCA.[3]
• OE2026 (2026 State Budget, finalized January 2026): Retained the 365-day tax exemption.[4]
• Portuguese AML Law: Governs VASP registration; VASPs registered by December 30, 2024, can operate under transitional MiCA rules until June 30, 2026.[2]
• February 2024 bill: Mandates annual IRS declaration of crypto assets.[7]

MiCA became applicable EU-wide in December 2024; Portugal's full national implementation via Laws 69/2025 and 70/2025 divides supervision between BdP and CMVM, with legislation passed in late 2025.[2][3]

Stance on Crypto Trading and Exchanges

Crypto trading is legal and encouraged for long-term holding via tax incentives, with no VAT on crypto as it is treated as currency.[1][3][4] Exchanges/VASPs must register with BdP for AML/CFT; under MiCA transition, they continue operating until June 30, 2026, then require CASP authorization.[2][3] Professional trading/mining is taxed as income (14.5%-53%), and gains lose exemptions if via tax havens or security tokens.[1][3][4] No consumer loss protections exist beyond AML/tax rules; MiCA will enhance oversight from July 2026.[1][2][3] Crypto-to-crypto trades and NFTs remain tax-exempt if meeting hold periods.[7]