Portugal
Law 69/2025 of December 22—implementing Regulation (EU) 2023/1114 on markets in crypto-assets (“MiCA Regulation”) in Portugal—has been published.
- Law 69/2025 ensures the effective implementation of the MiCA Regulation in Portugal. It establishes the necessary rules in Portugal for issuing crypto-assets, as well as for providing crypto-asset services in the Portuguese market.
- The law designates the Bank of Portugal and the Portuguese Securities Market Commission (“CMVM”) as the competent authorities responsible for supervising the activities outlined in the MiCA Regulation. It also specifies the respective competencies, procedures and cooperation mechanisms.
- The law implements, at the national level, duties related to internal organization, transparency, customer information, and complaint handling for issuers and providers of crypto-asset services.
- A specific system of administrative offenses has been established to address noncompliance with the MiCA Regulation. This system imposes significant fines and ancillary penalties for formal, operational and informational infringements.