{
 "jurisdiction_id": "PT",
 "jurisdiction": "Portugal",
 "url": "https://cryptoassets.gi/jurisdictions/portugal/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-17",
 "schema_version": "crypto-v2.0.0",
 "counts": {
  "modules": 8,
  "sourced_findings": 23,
  "source_register": 36
 },
 "modules": [
  {
   "code": "crypto_licensing",
   "name": "Crypto Licensing",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/portugal/#crypto-licensing-crypto-licensing",
   "standing_position": "MiCA (Regulation (EU) 2023/1114), implemented nationally via Lei n.º 69/2025, applies directly and is fully in force. Supervisory responsibility splits between CMVM (CASP authorisation/conduct, Titles II & VI) and Banco de Portugal (ART/EMT issuer authorisation and prudential supervision, Titles III & IV), confirmed via ESMA's Article 93 competent-authority list. Despite the regime being fully in force and the Article 143(3) grandfathering window having closed on 1 July 2026 per ESMA's public statement, Portugal's ESMA interim register showed zero authorised CASPs as of mid-2026, versus 57 in Germany and 26 each in France and the Netherlands.",
   "findings": [
    {
     "finding": "MiCA authorisation, with ongoing supervision split: CMVM (CASPs, Titles II & VI) and Banco de Portugal (ART/EMT issuer authorisation & prudential supervision, Titles III & IV)",
     "instrument_type": "none",
     "source": "Crypto-asset service providers (CASPs) operating in Portugal",
     "source_url": "https://www.esma.europa.eu/sites/default/files/2024-12/List_of_Competent_Authorities_notified_to_ESMA_under_MiCA.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Banco de Portugal and CMVM, per MiCA Article 94, including a sanctions regime for crypto-asset market abuse",
     "instrument_type": "law",
     "source": "Lei n.º 69/2025 (Portugal's national MiCA implementing law)",
     "source_url": "https://eur-lex.europa.eu/legal-content/PT/TXT/PDF/?uri=NIM:202507294",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "1 July 2026, or grant/refusal of MiCA authorisation if earlier — this transitional window has now concluded per ESMA's public statement of 23 June 2026; unauthorised legacy entities must wind down crypto-asset services in Portugal",
     "instrument_type": "regulation",
     "source": "MiCA Article 143(3) grandfathering clause (Portugal)",
     "source_url": "https://www.esma.europa.eu/sites/default/files/2026-06/ESMA75-113276571-1710_Public_Statement_MiCA_transitional_period_ends.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "mid-2026, per ESMA's interim MiCA register, versus Germany (57), France and Netherlands (26 each)",
     "instrument_type": "jurisdiction",
     "source": "Portugal (MiCA-authorised CASP count)",
     "source_url": "https://www.theblock.co/post/406766/europes-mica-crypto-regime-is-fully-in-force-heres-who-wins-and-loses",
     "source_tier": "4",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "token_classification",
   "name": "Token Classification",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/portugal/#token-classification-token-classification",
   "standing_position": "MiCA taxonomy (ART/EMT/other/security token/NFT) applies directly with clear national authority allocation between CMVM and Banco de Portugal, leaving limited national interpretive discretion.",
   "findings": [
    {
     "finding": "Banco de Portugal, as Portugal's authorising and prudential authority for ART issuance under MiCA",
     "instrument_type": "issuer",
     "source": "Asset-referenced token (ART) issuers",
     "source_url": "https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32023R1114",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Banco de Portugal, competent authority for EMT authorisation and prudential supervision under MiCA Titles III/IV",
     "instrument_type": "issuer",
     "source": "E-money token (EMT) issuers",
     "source_url": "https://www.esma.europa.eu/sites/default/files/2024-12/List_of_Competent_Authorities_notified_to_ESMA_under_MiCA.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "MiCA, unless issued as part of a large series or collection",
     "instrument_type": "protocol",
     "source": "Non-fungible crypto-assets (NFTs)",
     "source_url": "https://www.esma.europa.eu/sites/default/files/2025-03/ESMA75453128700-1323_Guidelines_on_the_conditions_and_criteria_for_the_qualification_of_CAs_as_FIs_ES.pdf",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "MiCA; remain regulated under Portugal's existing securities law framework supervised by CMVM",
     "instrument_type": "protocol",
     "source": "Security tokens (MiFID II financial instruments)",
     "source_url": "https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32023R1114",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "white-paper publication and issuer conduct obligations under MiCA Title II, rather than full prudential authorisation",
     "instrument_type": "protocol",
     "source": "Residual ('other') crypto-assets, incl. most utility tokens",
     "source_url": "https://eur-lex.europa.eu/PT/legal-content/summary/european-crypto-assets-regulation-mica.html",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "on_chain_activity_regime",
   "name": "On-Chain Activity Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/portugal/#on-chain-activity-regime-on-chain-activity-regime",
   "standing_position": "No Portugal-specific rules identified for staking, DeFi lending, mining or node operation; coverage depends entirely on whether an intermediary CASP is involved, which is not yet clarified in Portuguese supervisory practice. This is a genuine sourcing gap rather than a confirmed no-regulation finding.",
   "findings": []
  },
  {
   "code": "stablecoin_regime",
   "name": "Stablecoin Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/portugal/#stablecoin-regime-stablecoin-regime",
   "standing_position": "ART/EMT issuance, reserve and redemption rules apply directly under MiCA Titles III/IV with Banco de Portugal as national authority.",
   "findings": [
    {
     "finding": "Banco de Portugal before offering ART/EMT to the public or seeking trading admission (credit institutions notify rather than seek fresh authorisation)",
     "instrument_type": "issuer",
     "source": "ART/EMT issuers seeking to offer tokens to the public or admission to trading in Portugal",
     "source_url": "https://www.esma.europa.eu/sites/default/files/2024-12/List_of_Competent_Authorities_notified_to_ESMA_under_MiCA.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "a reserve of assets sufficient at all times to back tokens in circulation, per MiCA Titles III/IV",
     "instrument_type": "issuer",
     "source": "ART/EMT issuers authorised in Portugal",
     "source_url": "https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32023R1114",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "the issuer at any time, at market value of referenced assets (ART) or at par (EMT), under MiCA",
     "instrument_type": "none",
     "source": "ART/EMT holders",
     "source_url": "https://eur-lex.europa.eu/PT/legal-content/summary/european-crypto-assets-regulation-mica.html",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "consumer_protection",
   "name": "Consumer Protection",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/portugal/#consumer-protection-consumer-protection",
   "standing_position": "White-paper, conduct, withdrawal-right and custody-segregation duties apply directly under MiCA Titles II/V with CMVM/Banco de Portugal enforcement under Lei n.º 69/2025.",
   "findings": [
    {
     "finding": "a crypto-asset white paper and marketing communications; liable for damages caused by incomplete, unfair or unclear white-paper information",
     "instrument_type": "issuer",
     "source": "Crypto-asset issuers offering to the public or seeking trading admission in Portugal",
     "source_url": "https://eur-lex.europa.eu/PT/legal-content/summary/european-crypto-assets-regulation-mica.html",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "a statutory right of withdrawal under MiCA",
     "instrument_type": "none",
     "source": "Retail purchasers buying crypto-assets directly from an issuer (excl. ART/EMT) in Portugal",
     "source_url": "https://eur-lex.europa.eu/PT/legal-content/summary/european-crypto-assets-regulation-mica.html",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "client crypto-assets from the CASP's own assets, under MiCA Title V",
     "instrument_type": "custodian",
     "source": "CASPs providing custody and administration of crypto-assets in Portugal",
     "source_url": "https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32023R1114",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "tax_treatment",
   "name": "Tax Treatment",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/portugal/#tax-treatment-tax-treatment",
   "standing_position": "28% capital gains rate (sub-365-day holdings) and DAC8 cross-border reporting (from 1 Jan 2026) confirmed via T1 sourcing for DAC8; the 28%/365-day capital gains parameters and the VAT exemption still rest on T4 secondary sourcing only.",
   "findings": [
    {
     "finding": "a standard 28% capital gains tax rate, with specific mining provisions",
     "instrument_type": "none",
     "source": "Crypto-asset capital gains (Portugal)",
     "source_url": "https://www.theblock.co/amp/post/328698/how-crypto-tax-rules-in-the-us-uk-and-eu-could-impact-your-investments",
     "source_tier": "4",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "28%, per Portugal's 2023 State Budget; gains on holdings of 365 days or longer remain exempt from capital gains tax",
     "instrument_type": "none",
     "source": "Crypto-asset capital gains held under 365 days (Portugal)",
     "source_url": "https://www.coindesk.com/policy/2022/10/10/portuguese-proposal-would-enact-taxes-on-crypto-transfers-capital-gains",
     "source_tier": "4",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "value-added tax (VAT), per a Portuguese tax authority ruling",
     "instrument_type": "none",
     "source": "Cryptocurrency trading and crypto-denominated remuneration (Portugal)",
     "source_url": "https://www.theblock.co/linked/38002/portugals-tax-authority-says-crypto-trading-and-payments-are-tax-free",
     "source_tier": "4",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Council Directive (EU) 2023/2226 (DAC8), from 1 January 2026, for cross-border automatic tax-information exchange",
     "instrument_type": "none",
     "source": "EU crypto-asset service providers operating in Portugal",
     "source_url": "https://eur-lex.europa.eu/legal-content/PT/TXT/PDF/?uri=OJ:L_202302226",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "cross_border_transfer",
   "name": "Cross-Border Transfer",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/portugal/#cross-border-transfer-cross-border-transfer",
   "standing_position": "Travel-rule (Regulation 2023/1113) and Russia-sanctions nexus (Regulation 833/2014) apply directly; no Portugal-specific outbound restriction identified.",
   "findings": [
    {
     "finding": "originator and beneficiary information, verified by the receiving CASP before releasing crypto-assets, under Regulation (EU) 2023/1113",
     "instrument_type": "none",
     "source": "CASPs established in the EU, including Portugal",
     "source_url": "https://eur-lex.europa.eu/legal-content/PT/TXT/HTML/?uri=OJ:L:2023:150:FULL",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "enhanced verification obligations for the receiving CASP, under the EU Transfer of Funds Regulation",
     "instrument_type": "none",
     "source": "Transfers of crypto-assets from self-hosted wallets exceeding EUR 1,000",
     "source_url": "https://eur-lex.europa.eu/legal-content/PT/TXT/HTML/?uri=OJ:L:2023:150:FULL",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Council Regulation (EU) No 833/2014 as amended, applying directly in Portugal",
     "instrument_type": "none",
     "source": "Transferable securities issued as crypto-assets, Russia-nexus",
     "source_url": "https://eur-lex.europa.eu/legal-content/PT/TXT/HTML/?uri=CELEX%3A02014R0833-20260424",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "EU-wide AML/travel-rule and sanctions requirements, per this research pass",
     "instrument_type": "jurisdiction",
     "source": "Portugal (outbound retail crypto-asset transfers)",
     "source_url": "https://eur-lex.europa.eu/legal-content/PT/TXT/HTML/?uri=OJ:L:2023:150:FULL",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "aml_cft_regime",
   "name": "AML/CFT Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/portugal/#aml-cft-regime-aml-cft-regime",
   "standing_position": "AML/CFT obligations for Portuguese CASPs are carried via the FIM (financial-integrity monitor) subscription; no independent crypto-specific gap identified requiring escalation at this station, and no original illicit-finance analysis is performed here.",
   "findings": []
  }
 ]
}