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The European crypto market is evolving at lightning speed, but Portugal currently stands at a crossroads. As of today, only 10 entities are officially authorized by Banco de Portugal to operate in the digital asset sector. The last registration was granted on December 13, 2024 and since then, no new approvals have been issued.
This situation stems from the implementation of the MiCA regulation (EU 2023/1114), which took effect on December 30, 2024. Under MiCA, every crypto service provider in the European Union must be licensed by a national regulator. However, Portugal has not yet designated its official supervisory authority. As a result, Banco de Portugal has declared that it is no longer empowered to process new applications, creating a temporary freeze on new market entrants.
Why This Matters for Investors and Entrepreneurs
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🚀 Massive Opportunity Gap: With only 10 active licensed players, Portugal’s crypto market remains highly concentrated.
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🛡️ Regulation Means Protection: Once the supervisor is named, companies will face stricter but clearer rules, giving investors more transparency and safety.
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📈 Timing Is Everything: Those who position themselves early in a regulated market will have a strong advantage when new licenses open again.
Political and Regulatory Updates
Earlier this year, Portugal’s Ministry of Finance confirmed that the government had already begun the legislative process to designate the digital asset supervisor. Approval was expected “soon,” but the topic was missing from the latest Council of Ministers agenda led by Prime Minister Luís Montenegro.
Both the Socialist Party and Chega have publicly demanded urgency, highlighting that delays are holding Portugal back from joining Europe’s expanding crypto economy. Until the supervisor is officially appointed, the country cannot authorize new crypto businesses.
What Comes Next
Once Portugal aligns with MiCA and names its regulator, the local market is set to open wide for innovation and investment. The combination of European legal certainty and Portugal’s growing crypto community makes this a potentially explosive environment for adoption.
👉 For entrepreneurs: prepare your compliance frameworks now so you can move fast once licensing resumes.
👉 For investors: watch closely regulation will filter out weak players and create stronger opportunities with transparent oversight.
⚠️ Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions. The Crypto Canadas is not responsible for any financial losses.
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