Portugal Implements New Crypto-Asset Rules Amid Regulatory Challenges

New rules governing crypto-assets have come into force in Portugal today.

The legislation, which was passed by parliament at the end of 2025, aims to strengthen regulation and supervision of transactions involving crypto-assets, prevent illicit activities related to them, and maintain compliance with European Union rules, particularly MiCA - the European Regulation on the Market in Crypto-Assets.

The Bank of Portugal (BdP) and the CMVM Securities Market Commission are now responsible for regulating and supervising crypto-assets in Portugal. They must publish a list of entities authorised to provide crypto-asset services, specifying the services for which they are allowed.

A penalty regime has been established, with fines reaching up to €2.5 million for individuals and €5 million for companies for very serious administrative offences such as providing unauthorised crypto-asset services, market manipulation, or false information to authorities or clients.

The Portuguese Association of Payment Institutions and Electronic Money (ANIPE) has expressed concern that the end of the transitional period under MiCA could bring the Portuguese market for this type of asset to a standstill due to the lack of entities effectively authorised in Portugal.