🇵🇹Portugal

Detailed overview

Portugal at a glance

Portugal combines a competitive crypto-tax regime, a completed MiCA framework and a mature online-gambling market. Crypto is supervised by the Banco de Portugal (authorisation and prudential) and the CMVM (conduct); the full 18-month transition ended 1 July 2026. Payments run under the RJSPME with the Banco de Portugal as supervisor and the Instant Payments Regulation and DORA in force. Gambling runs under the RJO, supervised by the SRIJ. The euro is the currency, and Portugal sits inside the euro area and banking union.

Crypto regime under MiCA — twin-peaks, BdP-led:

• MiCA + national implementing law — Regulation (EU) 2023/1114 (MiCAR); the MiCA Implementation Act (Law 69/2025 of 22 November 2025), which also amended the Securities Code
• Competent authorities — the Banco de Portugal for CASP authorisation, prudential supervision and ART/EMT; the CMVM for conduct-of-business, market abuse and non-ART/EMT public offerings
• Grandfathering — closed. Portugal adopted the full 18-month transition: VASPs registered with the Banco de Portugal before 30 December 2024 (with notified activity) could continue until 1 July 2026 or a decision on their CASP application; that window has now expired
• Pre-MiCA heritage — a Banco de Portugal VASP register under Notice No. 3/2021 and the AML Law (Law 83/2017), AML-only and conferring no passport; the implementing law was delayed by parliamentary elections before its November 2025 enactment
• Process — applications are filed with the Banco de Portugal, which coordinates with the CMVM; substance, governance, ICT, custody and AML documentation are required
• AML/CFT — the AML Law (Law 83/2017) applies, with the Banco de Portugal as crypto AML supervisor; the EU AML package (Regulation (EU) 2024/1624 / AMLR, with AMLA in Frankfurt) applies from 10 July 2027
• TFR / DORA — the Travel Rule (Regulation (EU) 2023/1113) applies from 30 December 2024 and DORA from 17 January 2025; DAC8 reporting runs from 2026, and Portuguese CASPs report client transactions to the tax authority
• Tax — individual gains on crypto (that are not securities) held for 365 days or more are exempt; gains on assets held under 365 days are taxed at a flat 28% (Category G), with an option to aggregate at progressive rates; passive income such as staking and lending is taxed at 28% (Category E, with no 365-day exemption); professional or mining activity is taxed at progressive rates (Category B); crypto-to-crypto swaps are not taxed but reset the holding period; there is no wealth tax. The old Non-Habitual Resident (NHR) regime closed to new applicants in 2024 and was replaced by the IFICI ("NHR 2.0") incentive (a 20% flat rate on eligible income). Companies are subject to corporate income tax

Payments and e-money regime (BdP-led):

• PSD2 — Directive (EU) 2015/2366; transposed by the RJSPME, supervised by the Banco de Portugal
• Payment Institution licensing — initial capital EUR 20,000 (money remittance), EUR 50,000 (payment initiation) and EUR 125,000 (other payment services)
• EMD2 / E-Money Institution — Directive 2009/110/EC; EUR 350,000 initial capital; stablecoin (EMT) issuers must be EMIs or credit institutions
• Instant Payments Regulation (Regulation (EU) 2024/886) — euro instant payments: receiving applicable from 9 January 2025 and sending from 9 October 2025
• DORA (Regulation (EU) 2022/2554) — applicable from 17 January 2025
• PSD3 / PSR — Commission proposals of 28 June 2023; provisional political agreement reached 27 November 2025, with final compromise texts published 23 April 2026 and formal adoption expected during 2026; the package will repeal PSD2 and EMD2 and fold e-money institutions into payment institutions
• Banking — in the banking union the ECB grants banking licences and directly supervises significant institutions, with the Banco de Portugal supervising less-significant ones
• Currency: euro (founding member); no exchange controls

Gambling regime — SRIJ-licensed, split taxation:

• Online Gambling Legal Framework (RJO), Decree-Law No. 66/2015 — established a liberalised online market in 2015; land-based casinos run under the older Gambling Law (Decree-Law No. 422/89)
• Regulator — the SRIJ (a department of Turismo de Portugal); state lotteries and land-based fixed-odds betting are reserved to Santa Casa da Misericórdia de Lisboa (SCML)
• Licences — online licences are uncapped but demanding, granted per game type for a three-year term (renewable); licensees must be incorporated in Portugal or be EEA branches registered locally
• Tax — a split special gambling tax (IEJO): online fixed-odds sports betting is taxed on turnover (from around 8%), while online casino games, poker and bingo are taxed on gross gaming revenue (around 25%)
• Fees — a EUR 18,000 licence fee plus EUR 2,000 per game category, technical homologation costs, and a EUR 500,000 security deposit
• Player and payment rules — player winnings are exempt from personal income tax; only legal-tender (euro) electronic payment instruments are permitted, so crypto cannot be used for gambling
• Reform — advertising rules are tightening (Advertising Code amendments and a proposed near-ban under debate), and the SRIJ launched a centralised self-exclusion portal in April 2026; live dealer online casino remains restricted; minimum age 18
• No EU passport — gambling is licensed nationally

Last verified: July 2026. Reference rate: USD 1 ≈ EUR 0.87 (EUR 1 ≈ USD 1.15).

Portugal is a euro-area jurisdiction with a completed MiCA framework (Banco de Portugal authorising, CMVM on conduct), a competitive 365-day crypto-tax exemption, and a mature SRIJ-licensed online-gambling market with split turnover/GGR taxation.

Is there a crypto licence in Portugal?

Yes. Portugal applies MiCAR through Law 69/2025, with the Banco de Portugal authorising and prudentially supervising CASPs and the CMVM on conduct. The full 18-month transition ended 1 July 2026, so operating now requires a BdP authorisation, a valid MiCA passport, or an Article 60 notification.

The legal foundation:

• Regulation (EU) 2023/1114 (MiCAR) — the directly applicable EU framework for offerings, admission and crypto-asset services
• MiCA Implementation Act (Law 69/2025 of 22 November 2025) — designates the Banco de Portugal and the CMVM and amends the Securities Code
• AML Law (Law 83/2017) — AML/CFT obligations, with the Banco de Portugal as crypto AML supervisor
• Regulation (EU) 2023/1113 — Travel Rule for crypto-asset transfers

Structure:

• A Portuguese entity with genuine substance and fit-and-proper management
• MiCAR own-funds floors by class — EUR 50,000 (Class 1), EUR 125,000 (Class 2), EUR 150,000 (Class 3) — with the higher of the floor or a fixed-overheads measure
• AML systems, a white paper for in-scope offerings, custody and client-asset segregation, ICT and governance documentation, and a business plan — filed with the Banco de Portugal, coordinating with the CMVM

Operational reality:

• The framework is newly complete: it took roughly a year for Portugal to adopt the implementing law, and the regulators are now processing authorisations
• The tax environment (the 365-day exemption, no wealth tax, the IFICI incentive) remains a draw for crypto businesses and individuals, though the blanket "tax haven" era has ended
• New activity should be structured through a BdP authorisation, a valid passport or an Article 60 notification — not the closed transitional regime

Official CASP roadmap: The Banco de Portugal is the authorising and prudential authority for CASPs (applications are filed with it, coordinating with the CMVM) under the MiCA Implementation Act (Law 69/2025); the full 18-month transition ended 1 July 2026.

Payments & E-money (Banco de Portugal — PSD2 / EMD2)

Best for payment, remittance, acquiring, wallet and e-money operators wanting a euro-area base with a developed fintech ecosystem.

What it is: Authorisation as a payment institution or e-money institution under the RJSPME, supervised by the Banco de Portugal and passportable across the EEA.

Who it suits: Money-remittance and transfer providers, acquirers, card and wallet issuers, payment-initiation and account-information providers, and e-money issuers (including stablecoin issuers, who must be EMIs or credit institutions).

Covers: The payment services under the RJSPME — incoming and outgoing transactions, transfers, card and instrument-based payments, money remittance, payment initiation and account information — plus issuance of electronic money.

Operational requirement: A Portuguese entity; minimum initial capital by service type; ongoing own-funds and safeguarding of client funds; strong customer authentication; AML/CFT; DORA operational-resilience obligations; and fit-and-proper management.

Headline figures

• Primary instruments: RJSPME (PSD2 / EMD2); Instant Payments Regulation (EU) 2024/886; DORA (Regulation (EU) 2022/2554)
• Regulator: Banco de Portugal (authorisation and supervision)
• Entry capital: payment institutions EUR 20,000 / 50,000 / 125,000 by service type; e-money institutions EUR 350,000
• Instant payments: euro instant payments receiving from 9 January 2025 and sending from 9 October 2025
• Reform pipeline: PSD3 / PSR — political agreement November 2025, compromise texts April 2026, adoption expected during 2026; EMD2 to be repealed and EMIs folded into payment institutions
• Currency: euro (euro-area member); no exchange controls

Is there a gambling licence in Portugal?

Yes. The SRIJ licenses online sports betting, casino, poker and bingo under the RJO — a liberalised but demanding market, with sports betting taxed on turnover and online casino on gross gaming revenue.

The legal foundation:

• Online Gambling Legal Framework (RJO), Decree-Law No. 66/2015 — the online regime; land-based casinos run under Decree-Law No. 422/89
• SRIJ — licensing, supervision and enforcement, with SCML operating state lotteries
• Special gambling tax (IEJO) — split between turnover and GGR by activity

Structure:

• Online licences are uncapped but require Portuguese (or EEA-branch) incorporation, technical homologation and a security deposit
• Licences are granted per game type for a three-year term, renewable
• Strict ISP blocking and fines target unlicensed operators

Gambling — Online gaming and betting licence (SRIJ)

Best for sportsbook and online-casino operators able to meet demanding technical and fiscal requirements in a mature market.

What it is: An SRIJ licence under the RJO to offer online sports betting, casino games, poker or bingo to Portuguese players.

Who it suits: Established operators able to meet incorporation, homologation, deposit and responsible-gambling requirements.

Covers: Online fixed-odds sports betting, casino games (slots, roulette, blackjack), poker and bingo, each licensed per game type.

Operational requirement: Portuguese or EEA-branch incorporation, technical homologation, a EUR 500,000 security deposit, euro-only payment instruments, AML/CFT, responsible-gambling tools and SRIJ reporting.

Headline figures

• Primary instruments: Online Gambling Legal Framework (RJO), Decree-Law No. 66/2015
• Regulator: SRIJ (Serviço de Regulação e Inspeção de Jogos)
• Tax: online sports betting on turnover (from around 8%); online casino, poker and bingo on GGR (around 25%)
• Fees and deposit: EUR 18,000 licence fee plus EUR 2,000 per category; EUR 500,000 security deposit; three-year term
• Player rules: winnings exempt from income tax; crypto not permitted; minimum age 18

Costs and timelines at a glance

• Crypto: MiCAR via Law 69/2025, Banco de Portugal (authorisation/prudential) and CMVM (conduct); own-funds floors EUR 50,000 / 125,000 / 150,000 by class; 40-working-day decision after completeness; transition closed 1 July 2026
• Payments primary instruments: RJSPME (PSD2 / EMD2); Instant Payments Regulation (EU) 2024/886; DORA
• Payments regulator: Banco de Portugal; banking licences via the ECB/SSM (banking-union member)
• Reform pipeline: PSD3 / PSR — agreement November 2025, compromise texts April 2026, adoption expected during 2026
• Gambling: SRIJ online licences (three-year term); sports betting taxed on turnover (~8%), online casino on GGR (~25%); EUR 18,000 fee plus EUR 500,000 deposit
• Tax: individual crypto gains exempt after 365 days, 28% if held under 365 days; passive income 28%; no wealth tax; corporate income tax applies
• Currency: euro (euro-area and banking-union member); no exchange controls
• FX: USD 1 ≈ EUR 0.87 (EUR 1 ≈ USD 1.15)

Who Portugal suits and who it does not

Suitable for

• Crypto exchanges, custodians and token issuers wanting a completed MiCAR framework and EEA passporting from a euro-area base
• Long-term crypto investors and individuals attracted by the 365-day exemption, no wealth tax and the IFICI incentive
• Stablecoin (EMT) issuers and fintechs wanting euro-area settlement and a developed payments ecosystem
• Payment, e-money, acquiring and wallet operators wanting a Banco de Portugal authorisation with passporting
• Online sports-betting and casino operators able to meet the SRIJ's technical and fiscal requirements

Not suitable for

• Firms expecting the pre-2023 "tax haven" — short-term gains, staking and professional activity are now taxed
• Providers relying on a former VASP registration — the transition closed on 1 July 2026
• Letterbox structures — the Banco de Portugal and CMVM require genuine local substance and governance
• Gambling operators relying on crypto payments — only euro-denominated instruments are permitted
• Betting operators sensitive to turnover taxation — online sports betting is taxed on stakes, not GGR