Regulatory AlertsPortugal: crypto & digital assets regulation
RegulatedPortugal: VASP registration with Banco de Portugal under AML Law 83/2017; MiCA pending
- Lead regulator
- Banco de Portugal
- Also involved
- CMVM (securities tokens) · FinTech Portugal (industry body)
- Core law
- Law No. 83/2017 (AML/CFT)
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- Not explicitly segregated in national AML law; MiCA required for EU
- Data protection
- GDPR · RGPD
- Sandbox
- No
Virtual Asset Service Providers (VASPs) must register with the Banco de Portugal (BdP) to comply with anti-money laundering obligations. This is a registration-based regime, not a full licensing system, though MiCA will eventually supersede this for EU-wide passporting. Tax treatment of crypto assets remains distinct from financial instruments.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | RegistrationVASP Registration[1] Must register under AML Law 83/2017 for fiat-crypto exchanges. | — | — | Banco de Portugal |
| Custody of client assets | RegistrationVASP Registration[1] Custody of private keys triggers VASP registration under AML rules. | — | — | Banco de Portugal |
| Token issuance / public offering | Uncertainverify with regulator Securities tokens fall under CMVM; utility tokens less clear. | — | — | — |
| Broker-dealer / OTC desk | Uncertainverify with regulator OTC desks likely VASPs if acting as exchange/custodian. | — | — | — |
| Stablecoin issuance | Uncertainverify with regulator MiCA will regulate ARTs/EMTs; current AML registration may apply. | — | — | — |
| Crypto payments acceptance | RegistrationVASP Registration[1] Crypto payments services are VASPs under AML Law 83/2017. | — | — | Banco de Portugal |
| Mining / staking services | Uncertainverify with regulator Mining generally unregulated; staking as service may be VASP. | — | — | — |
| Advisory / portfolio management | Uncertainverify with regulator Investment advice on crypto may require CMVM authorization. | — | — | — |
New — what changed recently
Market-entry checklist
- 1Register with Banco de PortugalSubmit VASP registration application under Article 112-A of Law 83/2017.
- 2Implement AML/CFT PoliciesEstablish KYC, transaction monitoring, and reporting systems per Notice 1/2023.
- 3Check CMVM JurisdictionDetermine if tokens qualify as financial instruments requiring CMVM oversight.
- 4Prepare for MiCAAlign operations with upcoming EU MiCA regulations for future passporting.
Sources
- Notice No. 3/2021 · 2021-01-01
- Notice No. 1/2023 · 2023-01-24