New cryptoactive rules come into force today (and there are fines)

Anew rules on cryptoactives come into force this Wednesday, July 1, defining Banco de Portugal and CMVM as the competent supervisors in Portugal and predicting fines of up to eur 5 million for companies in charge.

These are diplomas, approved in Parliament at the end of last year, which strengthen regulation and supervision of cryptoactive transactions and aim to prevent illegal cryptoactive activities by updating measures to combat money laundering.

What changes? 

The new rules define that the entities responsible for the regulation and supervision of cryptoactive agents in Portugal are Banco de Portugal and the Securities Market Commission (CMVM), sharing powers, and that they will be responsible for regularly disclose the updated list of entities authorised to provide cryptoactive services in Portugal, specifying the services for which they are authorised.

The duties of those who provide cryptoactive services, including training of workers, are also defined, even if the law is little specific in this regard.

Counter-orders are provided in the sanctioning system for those who violate their duties as cryptoactive service provider. In the case of very serious contra-ordinations, fines may amount to up to EUR 2.5 million in the case of a natural person and EUR 5 million in the case of a company.

The fines may still increase, for example, to 15% of turnover in the case of counter-orders relating to cryptoactive market abuses.

Among the very serious counter-ordinations is providing cryopotive services without authority, market manipulation or communication to authorities or the public and customers of false or incomplete information.

In addition to the imposition of fines, ancillary penalties may also be imposed as a refund of profits obtained or losses avoided as a result of the infringement or prohibition of functions.

The legislation that comes into force this week will fill gaps in Portugal in the cryptoactive market by establishing a legal and operational framework that applies European cryptoactive standards.

On 13 December 2025, the diplomas that will now enter into force were promulgated by the President of the Republic but with reservations.

So Marcelo Rebelo de Sousa considered that this type of assets raises several doubts about its nature, function, taxation and how its control is done.

Still, the Head of State intended to promulgate so that Portugal would not be punished for not legislating European rules (notably the MiCA – European Regulation on the Crypto Market, approved in 2023 but which had not yet been applied in Portugal) and for considering that it is better to have a “deficit control to be none”.