---
type: country
domain: crypto-regulation
status: stable
tags: ["crypto-regulation", "europe", "fatf", "crypto_friendly"]
aliases: ["PT", "PRT"]
created: 2026-04-13
updated: 2026-02-01
compile_into: ["[[country--portugal]]"]
sources:
  - name: "CMVM"
    url: "https://www.cmvm.pt"
    type: "official"
  - name: "Banco de Portugal"
    url: "https://www.bportugal.pt"
    type: "official"
  - name: "EU [[concept--mica|MiCA]] Regulation"
    url: "https://eur-lex.europa.eu"
    type: "official"
---

# 🇵🇹 [[country--portugal|Portugal]] (PT) — Crypto Regulation

> Portugal completed MiCA transposition December 2025 via Laws 69/2025 and 70/2025. Transition until July 1, 2026. Dual-NCA model: Bank of Portugal (prudential/authorization) + CMVM (conduct/market abuse). Tax-free for holdings >365 days; 28% on short-term gains.

## Overview

| Field | Value |
|-------|-------|
| Status | crypto_friendly |
| Risk Score | 18/100 (Low Risk) |
| Enforcement Level | Low |
| Region | [[domain--europe|europe]] |
| Currency | [[entity--eur|EUR]] |
| Adoption Rank | #16 |

## Tax

| Type | Rate |
|------|------|
| Capital Gains (Personal) | 28% on crypto gains if held less than 365 days; 0% if held over 365 days |
| Capital Gains (Corporate) | 21% corporate tax on crypto gains |
| VAT on Crypto | No |
| Mining Tax | Taxed as freelance or business income at applicable rates |
| Staking Tax | Taxed at 28% if realized within 365 days |
| Airdrop Tax | No specific guidance; likely taxed on disposal |

Portugal introduced a 28% tax on crypto gains for holdings under 365 days in the 2023 State Budget. However, crypto held for over 365 days remains completely tax-free, making Portugal still very attractive for long-term holders. The Non-Habitual Resident (NHR) regime was reformed in 2024 but existing beneficiaries retain advantages.

## Licensing

| Field | Value |
|-------|-------|
| Required | Yes |
| Regulator | [[entity--bank-of-portugal|Bank of Portugal]] / CMVM |
| Framework | MiCAR + Law 69/2025 + Law 70/2025 |
| Ease | medium |
| Cost | $20,000 - $150,000 |
| Timeline | 4-10 months |

VASPs registered with Bank of Portugal may continue until Jul 2026. Dual-NCA model mirrors EU twin-peaks pattern.

## AML / KYC

| Field | Value |
|-------|-------|
| KYC Required | Yes |
| Travel Rule | Yes |
| [[concept--fatf|FATF]] Member | Yes |
| FATF Status | compliant |

## DeFi

**Status:** regulated

Under MiCA, DeFi with identifiable operators may require CASP authorization. CMVM follows ESMA guidance. Lisbon hosts a growing DeFi development community.

## Stablecoins

**Status:** specific_framework

MiCA stablecoin framework applies. CMVM and Banco de Portugal oversee ART and EMT authorization respectively.

## NFTs

**Status:** Unclear

MiCA excludes unique NFTs. CMVM follows ESMA classification guidance. No additional Portuguese NFT rules.

## Mining

| Field | Value |
|-------|-------|
| Legal | Yes |
| Electricity Cost | $0.122/kWh |
| Renewable Energy | 61% |
| Climate | temperate |
| Infrastructure | good |

Mining is legal with relatively high electricity costs but good renewable energy share. Infrastructure supports mining operations.

## Geopolitics

| Field | Value |
|-------|-------|
| Stability | stable |
| Sanctions | No |
| Corruption Index | 62/100 |
| Ease of Business | easy |
| Internet Freedom | free |
| Banking Access | open |

## Enforcement

CMVM has issued consumer warnings about crypto risks. Enforcement has been light, with focus on registration compliance rather than punitive action.

## CBDC Status: exploring

---

*Data source: [Soken Crypto Legal Map](https://soken.dev/crypto-map/). Last reviewed: 2026-04-13.*

**Sources:**
- [CMVM](https://www.cmvm.pt)
- [Banco de Portugal](https://www.bportugal.pt)
- [EU MiCA Regulation](https://eur-lex.europa.eu)