MiCA in Portugal
Portugal has not yet enacted the national law that will implement the EU Markets in Crypto‑Assets Regulation (MiCA). Consequently, no Portuguese authority is currently authorised to receive, review or grant MiCA licences. Crypto‑asset service providers (CASPs) that were already registered with Banco de Portugal under the Anti‑Money‑Laundering (AML) framework before 30 December 2024 may continue operating, but only within the scope of their existing registration and only until 1 July 2026 (or until a MiCA licence is granted or refused, if earlier).
MiCA dates and immediate effect
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Since 30 December 2024, the provision of crypto‑asset services anywhere in the EU is legally conditional on prior authorisation issued under MiCA.
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Portugal has not yet published the statute that will implement MiCA; therefore no Portuguese authority has, at this stage, the power to grant MiCA licences.
Practical consequence for market entrants
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Banco de Portugal expressly states that, pending the implementing law, it “is not empowered to receive or assess applications for authorisation to provide crypto‑asset services”.
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A startup incorporated after 30 December 2024 must therefore refrain from offering crypto‑asset services to Portuguese or EU clients until the competent authority is designated and the licensing procedure opens.
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No application can be filed until the Portuguese implementing statute is in force; the blueprint below is therefore preparatory and based solely on Banco de Portugal’s public guidance.
Step 1 – Monitor publication of the implementing statute
- Maintain daily watch for the law that will designate the competent authority and prescribe application formalities.
Step 2 – Pre‑application readiness
- Develop robust internal AML/CFT controls aligned with Law 83/2017 and Notices 1/2023 & 3/2021, because Banco de Portugal emphasises that these standards will continue to apply.
- Prepare governance, safeguarding and disclosure frameworks consistent with MiCA’s requirements (prudence dictates following the Regulation’s text even though Portuguese procedural details are pending).Banco de Portugal
Step 3 – File the authorisation dossier (once the window opens)
- Submit the complete application only to the authority named in the forthcoming statute; Banco de Portugal cannot accept filings until then.
- Expect the future authority to verify at least: organisational structure, fit‑and‑proper management, AML/CFT systems, operational resilience, and consumer‑protection arrangements referenced in MiCA.
Step 4 – Operate under licence
- After approval, operate strictly within the licensed service scope; non‑licensed activities will remain prohibited.
- Maintain continuous compliance with both MiCA and the Portuguese AML regime; Banco de Portugal will retain AML supervisory responsibilities.Banco de Portugal
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Licentium is a specialized platform that connects crypto-asset issuers and service providers with an international network of lawyers, regulatory consultants, and former supervisors. Projects can map applicable rules in key jurisdictions through a single interface, obtain jurisdiction-specific launch advice, arrange the drafting of white papers and licensing applications, and schedule ongoing compliance health-checks. The platform’s curated expert pool spans financial services, data protection, and corporate law, enabling founders to address cross-border requirements—from MiCA in the EU to securities, AML, and consumer-protection regimes elsewhere—within coherent project timelines and budgets.
