Portuguese law applicable to crypto-assets

Portuguese investors have been showing an increased appetite for crypto-assets, in particular the crypto-currencies, in view of its steep valuations and favourable Portuguese tax regime. Such tax regime has also led some foreign investors and service providers in this field to change their residences to Portugal.

There is not yet specific Portuguese regulation applicable in Portugal to crypto-assets, prepared in line with a coherent strategy aimed at tackling the various risks that are posed by them, the position of Portuguese Government and regulators so far being to tag along with the European Union bodies and EU regulators, thus prioritizing a common approach at an EU level.

Until this EU harmonized legal framework enters into force, there are currently various Portuguese laws that may potentially apply to crypto-assets from a different number of standpoints, depending on the type and features of those assets.