RegAlert

Portugal: crypto & digital assets regulation — 2026-09

Regulated

Portugal: VASP registration with Banco de Portugal under AML Law 83/2017; MiCA pending

Frozen snapshot — the guide as it stood at the end of 2026-09. See the live guide for the current state.

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 activityRequirementCapitalTimelineAuthority
Exchange / trading platformRegistrationVASP Registration[1]

Must register under AML Law 83/2017 for fiat-crypto exchanges.

——Banco de Portugal
Custody of client assetsRegistrationVASP Registration[1]

Custody of private keys triggers VASP registration under AML rules.

——Banco de Portugal
Token issuance / public offeringUncertainverify with regulator

Securities tokens fall under CMVM; utility tokens less clear.

———
Broker-dealer / OTC deskUncertainverify with regulator

OTC desks likely VASPs if acting as exchange/custodian.

———
Stablecoin issuanceUncertainverify with regulator

MiCA will regulate ARTs/EMTs; current AML registration may apply.

———
Crypto payments acceptanceRegistrationVASP Registration[1]

Crypto payments services are VASPs under AML Law 83/2017.

——Banco de Portugal
Mining / staking servicesUncertainverify with regulator

Mining generally unregulated; staking as service may be VASP.

———
Advisory / portfolio managementUncertainverify with regulator

Investment advice on crypto may require CMVM authorization.

———

New — what changed recently

  • 2023-01-01Notice No. 1/2023 — Updated AML/CFT compliance requirements for VASPs, amending previous notice.[2]
  • 2021-01-01Notice No. 3/2021 — Established registration procedures for VASPs under Article 112-A of Law 83/2017.[1]

Market-entry checklist

  1. 1Register with Banco de PortugalSubmit VASP registration application under Article 112-A of Law 83/2017.
  2. 2Implement AML/CFT PoliciesEstablish KYC, transaction monitoring, and reporting systems per Notice 1/2023.
  3. 3Check CMVM JurisdictionDetermine if tokens qualify as financial instruments requiring CMVM oversight.
  4. 4Prepare for MiCAAlign operations with upcoming EU MiCA regulations for future passporting.

Sources

  1. Notice No. 3/2021 · 2021-01-01
  2. Notice No. 1/2023 · 2023-01-24