The government argued in parliament that the new rules for supervising digital asset transactions in Portugal and combating money laundering in this sector will contribute to "regulatory stability" in the financial sector.

Parliament generally discussed three government legislative proposals: two to strengthen control over transactions and one to guarantee immediate transfers in euros.

The three seek to ensure "full compliance with European obligations and regulatory stability in the financial sector," said the Secretary of State for Treasury and Finance, João Silva Lopes, during the debate on the initiatives.

“Decisive step”

"The proposals we discussed represent a decisive step in regulating the cryptocurrency market in Portugal, strengthening supervision of this sector and ensuring the protection of consumers and investors," he emphasized.

One of the initiatives transposes the European regulation known as "MICA" into national law, defining rules for the authorization and operation of cryptoasset service providers, and defining the authorities responsible for supervision (the Bank of Portugal and the CMVM).

This regulation transposes European Regulation 2023/1114, which establishes common rules for issuers of asset-referenced cryptotokens, issuers of electronic money tokens, and cryptoasset service providers.

A second, interconnected regulation implements another European regulation that updates anti-money laundering measures to adapt them to the reality of transfers involving certain cryptoassets.

During the debate, the Secretary of State highlighted the fact that service providers will now be treated as financial entities in terms of the obligation to implement preventive anti-money laundering measures.

"One of the main measures arising from this proposal is the inclusion, among the financial entities required to comply with the obligations set forth in Law No. 83 of August 18, 2017, of crypto-asset service providers headquartered in Portugal, as well as crypto-asset service providers headquartered in another European Union Member State but established in Portugal through a branch or other form of permanent establishment," he emphasized.

In response to a question from PSD member Hugo Carneiro, the Secretary of State admitted that the new supervisory rules will have a longer transitional period, extending the period from December 30, 2025, to June 2026.

CDS-PP member Paulo Núncio emphasized that the new rules will require companies to respond "in a timely manner" to requests for clarification from supervisory authorities and will grant "full powers" to the Bank of Portugal, the Public Prosecutor's Office, and other authorities to monitor these operations.

“Inescapable reality"

For the Livre party, cryptoassets "are an inescapable reality" (through which citizens invest, save, and make payments), and if there is a "silent" and "profound" transformation, the sector needs to be regulated to ensure greater security, said Congresswoman Patrícia Gonçalves.

IL Congressman Mário Amorim Lopes warned of the need for companies to have predictability, noting that Portugal is transposing the 2023 regulations and that, after two years, some companies "have sought other jurisdictions."

Rio Grande do Sul Congressman Eduardo Teixeira said it is necessary to ensure that regulation guarantees three principles: a "fair price" for transactions, "adhesion targets" for companies in the sector, and a "focus on micro, small, and medium-sized enterprises."

Socialist Congressman Miguel Cabrita emphasized the need to regulate the advertising of "cryptoeconomy" activities on social media.

PCP MP Alfredo Maia argued that it is necessary to end what he calls the "privileged tax regime" applied to cryptoassets in Portugal, where capital gains earned less than 365 days ago are taxed at a rate of 28%. To this end, he advocated for the mandatory inclusion of these amounts with other income.