MiCA CASP authorisation in Portugal (CMVM)

Why teams look at Portugal

Portugal built a reputation as a crypto-friendly destination, drawing founders and a growing local scene, and it ran a crypto registration regime through Banco de Portugal before MiCA. Under MiCA’s crypto-asset service provider regime, applying from 30 December 2024, the Comissao do Mercado de Valores Mobiliarios (CMVM) is the authorising authority, with Banco de Portugal involved on prudential matters. Portugal suits teams that want an attractive base with an established community.

This page is informational and does not replace legal, regulatory, or tax advice. Crypto tax treatment in Portugal has changed over time; confirm current requirements directly with the CMVM and a Portuguese tax adviser before acting.

The authorisation route

A firm that is not already an EU-authorised financial entity applies to the CMVM for authorisation as a CASP under Article 62. A firm already authorised under EU financial law can use the lighter Article 60 notification.

Under Article 63 the CMVM has 25 working days to confirm completeness and then 40 working days to decide once the file is complete.

What the CMVM expects

Local substance

A registered office in Portugal and management effectively based there under Article 59(2).

Governance and fit-and-proper

Collective crypto-asset competence and sufficient time under Article 68, with assessment of directors and qualifying shareholders.

Custody and client assets

Segregation, reconciliation, a custody policy, and strict liability for loss under Article 75 where you hold client crypto-assets or the means of access.

Prudential safeguards

Own funds, an insurance policy, a comparable guarantee, or a mix under Article 67, at the higher of the class minimum or one quarter of fixed overheads.

Capital and the Article 67 question

The minimum is 50,000 euro, 125,000 euro, or 150,000 euro depending on the services you are authorised for, or one quarter of the previous year’s fixed overheads if higher. If you are weighing insurance against capital, build the evidence first: see the CASP insurance evidence pack and own funds vs insurance.

Coming from a Banco de Portugal registration

Firms registered under the pre-MiCA Banco de Portugal crypto regime do not convert automatically to a MiCA authorisation. They transition through a process the Portuguese authorities manage within a national transitional window. Confirm the current cut-off date and the exact transition steps with the CMVM.

Transitional dates have moved at the member-state level. Confirm any date against current CMVM guidance before planning around it.

FAQ

Is a Portugal CASP licence valid across the EU?

Yes. A CASP authorisation passports to all 27 member states under Article 65. You authorise in Portugal and notify the host states before providing services there.

Is Portugal still tax-free for crypto?

Portugal’s crypto tax treatment has changed and is no longer the blanket exemption it was once known for. Confirm the current rules with a Portuguese tax adviser; the CMVM handles authorisation, not tax.