MiCA implementation in Portugal
Manimama's experts are well versed in the complexities of cryptocurrency regulation and are committed to sharing their findings with businesses and individuals navigating this dynamic sector
Indeed, our legal team recently finalized a comprehensive study on the national implementation of the Markets in Crypto-assets Regulation (MiCA) in various EU countries. The legal research not only highlights the differences in how MiCA is adopted at the national level, but also offers standard rules for compliance. Today we offer you an insight into the specifics of obtaining a cryptocurrency license in Portugal under the new MiCA provisions.
Current requirements (prior to MiCA implementation)
In order to obtain a crypto licence in Portugal, a crypto service provider must meet the following requirements:
Has the jurisdiction enacted a law/draft law implementing MiCA?
The Law hasn’t been adopted yet
As for now, the cryptoasset activities are regulated by:
Who is the regulator under the law/draft law implementing MiCA?
Requirements for future CASPs stipulated by the national legislation implementing MiCA, the presence of national peculiarities
Meet requirements set out in MiCA
Requests for initial registration and changes must be submitted by completing the following forms (accompanied by the appropriate supporting documentation), to be sent to the Bank of Portugal under the terms of paragraphs 3 to 6 of article 6 of Notice No. 3/2021.
The period of time by which the CASP must comply with the new requirements, as well as the procedure for notifying the regulator of compliance with the new requirements
Not stated.
Is there a transition period before the full implementation of MiCA?
Not stated.
The ability of a CASP from a jurisdiction with a transition period to operate freely in a jurisdiction without a transition period starting from January 1, 2025.
Not stated.
Liability provided for CASPs that continue to operate at the place of registration without meeting the new requirements
Not stated.
Our contacts
If you want to become our client or partner, feel free to contact us at [email protected].
Or use our telegram @ManimamaBot and we will respond to your inquiry.
We also invite you to visit our website: https://manimama.eu/.
Join our Telegram to receive news in a convenient way: Manimama Legal Channel.
Manimama Legal & Growth Agency provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.