Portugal — crypto regulation

Status: legal · Last reviewed 2026-11-05

MiCA member state (CMVM and Bank of Portugal as dual NCAs). Late MiCA transposition due to 2024 snap election — Laws 69/2025 and 70/2025 published Dec 2025. Split supervisory model: Bank of Portugal handles CASP authorisation and prudential oversight; CMVM handles market conduct. Ended famous crypto tax haven status in 2023 with 28% short-term CGT.

Legislation

• Law No. 26/2026 — DAC8/DAC9 transposition (2026)
• Law No. 69/2025 — MiCA Implementation Act (2025)
• Law No. 70/2025 — Transfer of Funds Regulation Implementation (2025)
• State Budget 2023 (Lei do OE 2023) — Crypto Tax Regime (2023)
• Bank of Portugal VASP Registration Regime (2022)