Tokenization & crypto licensing in Portugal
What the authorities publish on tokenized assets and digital-asset providers, and why it could or could not be read. 2 instruments from here are in our catalogue.
Buying crypto in Portugal: what to know
Legal- Banco de Portugal — MiCA competent authority for stablecoin issuers (asset-referenced and e-money tokens); receives CASP authorisation applications
- Comissão do Mercado de Valores Mobiliários (CMVM) — MiCA competent authority for crypto-asset markets and market abuse; shares CASP supervision with Banco de Portugal
- Autoridade Tributária e Aduaneira (AT) — Tax authority
Crypto held 365 days or more is tax-free when sold. Gains on crypto held for a shorter time are taxed at a flat 28%. Swapping one crypto for another is not taxed.
Gains: 28% flat if held under 365 days; 0% if held 365 days or more
- The 365-day exemption and the tax-free swap rule do not apply where the other party is resident in a jurisdiction without a tax treaty or information-exchange agreement with Portugal.
- Tokens that are securities (e.g. tokenized shares or bonds) are outside the crypto rules and follow the rules for securities.
- Moving your tax residence out of Portugal is treated as selling your crypto.
- Since 1 July 2026, check that a provider is a MiCA-authorised CASP in the ESMA register.
Checked 2026-11-09 · Confidence: high · Sources: [1][2][3][4][5][6][7][8][9]
Not confirmed: Full text of Law 69/2025 (Diário da República page renders only via JavaScript and could not be read): exact article on the transition until 1 July 2026, and the CASP split (Banco de Portugal authorises with a CMVM opinion; CMVM supervises conduct and custody) come from law-firm summaries (Abreu Advogados, Fieldfisher) · Portuguese DAC8 transposition: Law 26/2026 of 3 June, first report by 31 May 2027 — secondary sources only (KPMG, Belzuz); not shown in visible text · No Banco de Portugal or CMVM CASP register page could be opened (bportugal.pt returns 403); ESMA interim register used instead · Art. 10(24) CIRS still refers to 'n.os 19 e 20' (old numbering) after the May 2026 renumbering; read as meaning the 365-day exemption and swap rule · Whether delegated staking rewards fall under art. 5(2)(u) (capital income) or art. 4(1)(o) (business income) — no AT guidance found · Loss carry-forward for crypto losses (not checked in art. 55 CIRS)
Compiled to the best of our knowledge from the sources linked. Information, not tax or legal advice. Rules change — check the linked official sources before acting.
Found an error or something out of date? Tell us at [email protected] — we check and correct it.
What the authorities publish — and what we read
Status: No public register. Every address below was loaded, not guessed. A register entry records that an authority licensed, registered or approved something; it says nothing about whether you may or should buy it.
| Authority | Register | Finding |
|---|---|---|
| CMVM (securities, DLT Pilot competent authority via Reg. CMVM 5/2022); Banco de Portugal (former VASP register, MiCA); Portugal FinLab (CMVM+BdP+ASF innovation hub) | Portugal FinLab edition participant pages (innovation hub, not authorisation); no national register of tokenized securities found | No public register |
In our catalogue: 2 instruments from Portugal
2 live.