Crypto license in Portugal
Last Update: 18.03.2026
Portugal stands out as one of the EU’s most progressive and forward-looking jurisdictions in terms of blockchain development and adoption.
Regardless of the type of business, from crypto exchanges to token issuance, it is necessary to obtain a crypto license in Portugal. Gofazen & Sherle will help you understand the existing CASP system, take advantage of tax benefits, and quickly interact with government agencies.
Portugal is part of the EU and is required to comply with the MICA Regulation, according to which (as well as Law No. 83/2017), the functions of regulator and controller of the crypto market have been assigned to the Bank of Portugal(Banco de Portugal). The regulator’s functions include registering crypto operators, monitoring their compliance with AML-KYC procedures, and imposing fines for violations. Seven companies have already obtained CASP status, including one of the major crypto exchanges, Mercado Bitcoin.
Cryptocurrencies are not recognized as legal tender in Portugal, with the exception of electronic money tokens (EMT), which fall under a specific regulatory regime.
EMT is subject to Law No. 91/2018 and EU Directive No. 2015/2366 on payment services. EMT issuers must be authorized as credit institutions by MICA (Law No. 91/2018 and No. 298/92). Advertising of crypto assets is regulated under Decree-Law No. 330/90 and CMVM Circular No. 010/2023. All communications must adhere to the principles of clarity, accuracy, and non-deceptiveness to protect users and prevent the dissemination of misleading information.
The country attracts crypto investors with its technological potential and preferential tax rates. Back in 2021, according to Decree-Law No. 67/2021 of July 30, 2021, an experimental environment (ZLT-technological free zone) was officially created to test innovative projects with state support.
Why Portugal is a Crypto-Friendly Jurisdiction
Registering as a CASP in Portugal allows businesses to benefit from progressive regulation, attractive economic conditions, and a favorable location. The growth in popularity and adoption of digital assets by legal entities in the country is linked to the enormous support of the authorities, as well as the opportunity to use the benefits of a crypto license in Portugal, such as:
Legal access to the EU market.
The domestic market (1.2 million crypto users with the potential to grow to 3 million) is quite large, but obtaining a CASP opens up the possibility of expanding a fintech business to the entire EU zone without additional passporting in each country.
Government support for the development and application of blockchain.
The authorities are actively promoting blockchain technology and its application in various sectors of the economy. A National Blockchain Development Strategy has been developed, and a national program, BLOCKCHAIN.PT (investment – €59 million) has been created with the aim of decentralizing sectors of the economy and spreading innovation.
Access to venture capital.
The desire to turn the country into a blockchain hub has also attracted the attention of venture capitalists. Blockchain projects have received about $106 million in investments (36% of all investments), and the share of Portuguese innovative companies has grown to 0.73% worldwide. Some of the largest venture capital funds in the fintech industry are Portugal Ventures, Faber Ventures, and Bynd Venture Capital. In addition, the Securities Market Commission (CMVM) has registered a crypto fund, 3 Comma Capital Global Crypto Fund, which considers investments in BTC, ETH, and Solana and has €9 million under management.
Special tax regime.
Crypto companies registered in Madeira can benefit from a 5% corporate tax rate and no VAT.
Full compliance with European legislation.
The MiCA Regulation applies to all participating countries, which means a clear and transparent regulatory framework, a predictable regulatory environment, and confidence for investors and users that all AML/KYC procedures are followed.
Portugal crypto legal framework
Based on European legislation, the authorities of the jurisdiction have introduced the provisions of the MICA Regulation for all those wishing to obtain a CASP.
The main regulator is the Bank of Portugal (Banco de Portugal), which has been supervising the fintech market since September 1, 2020. Crypto assets are not recognized as legal tender, and there is no state fund to cover losses from trading and exchange operations.
The Securities Commission (CMVM) is responsible for the functioning of the securities market and supervises tokens in the ICOs if the tokens have the characteristics of securities.
The Financial Intelligence Unit (UIF) is actively involved in the prevention of money laundering and fraud.
The main Portuguese crypto laws are:
- Law No. 83/2017 of August 18, 2017, which outlines the main measures to combat illegal transactions and the implementation of AML/CFT procedures.
- MICA Regulation, 5th and 6th EC Directives.
- Law No. 91/2018 establishes rules for payment services, EMT.
- Decree-Law No. 330/90 and CMVN Circular No. 010/2023 were adopted to regulate the advertising of financial instruments and establish restrictions on the advertising of digital assets.
- Decree-Law No. 67/2021 of July 30, 2021, officially established an experimental environment (ZLT-technological free zone).
Packages of services for crypto license in Portugal
Full set up of VASP business with all the necessary infrastructure, connection to KYC providers, local substance, and accounting services
- Full turnkey company formation assistance
- NIF (Tax Identification Number)
- Registration of the Beneficial Owner (RCBE)
- Legal address for 1 year
- Corporate account opening assistance
- Registering share capital
- Crypto license application
- Corporate documents translated with Apostille
- Developed AML/KYC Policies
- Search, integration, direct employment agreement for experienced, local AML/KYC Officer
- Accounting services for 1 year
- Legal Opinion
- Setting up KYC/KYT Provider
- Search for premises for rent
Exhaustive set up of company infrastructure for the start of operational activity
- Full turnkey company formation assistance
- NIF (Tax Identification Number)
- Registration of the Beneficial Owner (RCBE)
- Legal address for 1 year
- Corporate account opening assistance
- Registering share capital
- Crypto license application
- Corporate documents translated with Apostille
- Developed AML/KYC Policies
- Search, integration, direct employment agreement for experienced AML/KYC Officer
Registration under the minimum regulatory requireme
- Full turnkey company formation assistance
- NIF (Tax Identification Number)
- Registration of the Beneficial Owner (RCBE)
- Legal address for 1 year
- Registering share capital
- Crypto license application
- Corporate documents in Portuguese language
- Standard AML/KYC Policies
Portugal cryptocurrency license requirements
Approval of a crypto business license in Portugal by the authorities is subject to strict compliance with local and international legislation, namely:
- Obtaining legal status, Applications for CASP approval can be submitted by legal entities (SQ/SA) with a confirmed official local address. The company is registered in the Portuguese Commercial Registry, typically within 3–5 business days.
- Registration of the application with the Bank of Portugal. The main regulator of fintech activities is the Bank of Portugal (Law No. 83/2017 of August 18), which reviews all submitted documents on the structure and beneficiaries of the company. Unregistered activities in the field of digital assets lead to fines (€50,000 and above).
- Qualified management team. In addition to work experience (knowledge of compliance procedures, blockchain technologies, and financial reporting) and relevant education, key managers must confirm their reputation; regular training is important for AML managers.
- Transaction monitoring, combating money laundering. Implementation of customer identification and verification procedures (EDD, CDD), continuous transaction monitoring, reporting, and timely submission of reports to the competent authorities (Financial Intelligence Unit, UIF) are mandatory for all CASP operators (Law No. 83/2017, MICA Regulation, 5th and 6th EU Directives).
- Proof of financial stability. The initial capital required depends on the type of crypto activity chosen, and proof of the source of funds is also required before registration with government agencies.
- Secure IT infrastructure. Compliance with CDRP, implementation of protocols and security logs, system vulnerability testing, and use of encrypted multi-signature wallets are necessary to ensure reliable data transmission, processing, and storage (ISO 27001 standard).
Comparison of obtaining a crypto license in Portugal & Spain
| Parameter | Portugal | Spain |
|---|---|---|
| Regulator | Bank of Portugal + CMVM | Bank of Spain |
| License type | AML Act (2018) | EU Regulation 2023/1114 (MiCA) |
| Type of registration | According to MICA | According to MICA |
| Minimum capital | Depending on the type of activity | Depending on the type of activity |
| State fees (company registration) | €200-300 | €300-500 (depending on region) |
| Taxes for companies (IRS/IS) | 21% | 25% |
| State fees for filing reports | €60-80 | €80-100 |
| Social security contributions | 23,75% | 29,9%-33,6% |
| Free economic zone/technology clusters | Madeira – 5% corporate tax | Canary Islands – 4% corporate tax |
| VAT on crypto services | None | None |
| Bank account | Loyal environment for cryptocurrencies, easy to open an account in compliance with AML/CFT | More bureaucracy regarding crypto companies and operations related to digital assets |
Comprehensive steps to apply for a cryptocurrency license in Portugal
Despite the favorable attitude of the authorities towards virtual currencies and innovative projects, to obtain a blockchain license in Portugal, it is necessary to go through several stages, namely:
Step 1: Determine the main type of crypto services.
When choosing the main type of services provided (exchange, trading, issuance, etc.), the minimum capital amount is determined by the MICA Regulation.
In addition, it is necessary to familiarize yourself with the Central Bank’s requirements regarding AML/KYC procedures and payment processing. Based on this, a business plan is described, indicating financial forecasts for further activities.
Step 2: Registration of a legal entity in the Commercial Register.
A crypto business license in Portugal is available to legal entities. Investors most often choose the organizational and legal form of SQ/SA. Registration takes place online and takes 1-5 days. The legal entity must then register with the Tax Authority and obtain a NIPC.
Step 3: Preparation of internal documentation.
Strict EU legislation requires operators to develop an AML/CFT policy, implement reliable control and risk management systems, prove financial stability, and ensure the security and reliable transfer of user data.
Step 4: Submission of application to the Regulator.
In addition to the main company documents (Articles of Association, Memorandum,
The full application package submitted to the Bank of Portugal must include the Certificate of Registration, identification details of the founders and beneficiaries, and the following supporting documentation:
- provide details of the AML officer;
- confirm the legal address;
- confirm the qualifications of key managers;
- Provide internal regulations regarding risk management, transaction monitoring, and compliance with AML/CFT rules.
Step 5: Application review and evaluation.
The regulator must review the documents, conduct a fit & proper test for managers, shareholders, and the AML manager, and check the IT infrastructure and reliability of the system when working with customer data. It takes about 3-6 months to receive an official decision from the crypto licensing authority in Portugal.
Remark: Authority (Bank of Portugal) has the rights to request for more documents if deemed necessary.
Government Fees and Legal Costs
Crypto tax regulations in Portugal are clarified in Tax Administration Regulations No. 14910 and No. 5717:
- Corporate tax – 21% (in Madeira -5%).
- Dividend taxes – 25%.
- No VAT.
- Capital gains tax – 28-35%.
Crypto companies are required to keep accounting records, file tax returns, quarterly and annual AML/KYC reports, and undergo audits upon request by the regulator.
Conclusion
Portugal is one of the countries that actively promotes the development of the fintech industry by creating national programs, technology clusters, and innovation parks with state funding, offering preferential regional tax rates and a regulated environment. However, only companies that have gone through a multi-stage licensing process with the Bank of Portugal can take advantage of these benefits. Investors and users can be confident in the transparency and security of the environment, as European legislation (MICA) also applies here. Without strict compliance with procedures and technological requirements, it is impossible to obtain approval from the regulator and take advantage of the opportunities offered by this market.
FAQ About Crypto License in Portugal
Do I need a crypto license in Portugal?
Yes, Portugal is a member of the EU, which has introduced strict regulations for blockchain activities and crypto providers. The Central Bank is responsible for approving CASP applications.
How long does it take to obtain a crypto license?
On average, it takes 3 to 6 months for the Regulator to review CASP applications. Much depends on the quality and completeness of the documents submitted.
Are there any tax incentives for crypto companies?
Portugal has adopted tax incentives (5% corporate tax) for companies operating in Madeira.
What are the main requirements for obtaining a crypto license?
Companies applying to the Regulator must meet a number of financial, technical, and operational requirements specified in local and international legislation.
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