Implementation of MiCA in Portugal

On 13 December 2025, Decree of the Assembly of the Republic No. 22/XVII, which ensures the implementation, within the Portuguese legal order, of Regulation (EU) 2023/1114 (MiCA) on markets in crypto-assets, was promulgated with reservations by the President of the Republic.

In a note published on the Presidency’s website, the President of the Republic expressed reservations regarding the nature, function, taxation, systemic risks and the effectiveness of regulatory control over cryptocurrencies, noting that the European Commission itself had acknowledged, prior to the strengthening of ESMA’s role, limitations in the European supervisory model.

Nevertheless, the promulgation of the decree was justified, namely, by the need to comply with European obligations, by the conviction that an imperfect regulatory control is preferable to the absence of any control, and by the fact that the national framework reinforces the powers of the Bank of Portugal and the CMVM, in articulation with the mechanisms provided for under MiCA.

From a substantive perspective, in addition to strengthening the framework of powers, procedures and cooperation between authorities, the decree amends the CVM and the Complaints Book regime, expressly integrating into the national legal order issuers, offerors and crypto-asset service providers (CASPs), and reinforcing the perimeter of supervision and enforcement.

The decree also clarifies the allocation of competences between the Bank of Portugal and the CMVM, under a functional supervision model based on mandatory cooperation, with the Bank of Portugal being responsible, in particular, for the authorisation procedures of CASPs, in coordination with the CMVM.

Finally, the decree establishes a transitional regime until 1 July 2026 for entities previously registered with the Bank of Portugal as entities carrying out activities with virtual assets (VASPs), allowing the continuation of their activities while the authorisation process under MiCA is ongoing.

The national implementation of MiCA therefore marks a decisive step in the consolidation of the regulatory framework for crypto-assets in Portugal, albeit within an expressly prudent and critical context regarding the risks inherent to this market.

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