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Banco de Portugal announces clarifications on MiCA application

Web3/Crypto

Mário Centeno, Governor of the Banco de Portugal | Provided Photo

By Crypto Republique

Jan 11, 2025

Banco de Portugal announced that as of December 30, 2024, in accordance with the Markets in Crypto-Assets (MiCA) regulations, crypto-asset services in the European Union (EU) will require authorization. Entities registered with Banco de Portugal by this date are permitted to operate under anti-money laundering (AML) laws. This announcement was made in a press release on January 3, 2025.

According to Banco de Portugal, entities registered under Law No 83/2017 and Notice No 3/2021 can continue operating with virtual assets within the scope of their registration, provided they comply with AML and counter-terrorist financing laws. These entities are considered crypto-asset service providers (CASPs) under MiCA regulations. However, those who did not report their commencement of activity by the specified date are prohibited from continuing operations.

Under MiCA, the provision of crypto-asset services in the EU now requires authorization from the relevant competent authority. If no authority is designated, Banco de Portugal states it is not responsible for processing or assessing such applications and will continue to monitor legal developments within the MiCA framework.

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The Autorité des Marchés Financiers (AMF) explains that MiCA mandates CASPs obtain authorization before offering services, either by obtaining approval from national authorities or notifying them if they are already authorized under specific statutes. CASPs compliant with national laws can continue operations until July 1, 2026, while awaiting MiCA authorization. The regulation also imposes requirements on CASPs regarding incorporation, governance, client asset protection, and complaints handling.

Banco de Portugal serves as the central bank of Portugal with administrative and financial autonomy. Its primary missions include maintaining price stability and promoting financial system stability. The bank manages monetary policy as part of the Eurosystem and supervises financial institutions to ensure security. It is involved in resolving failing banks through the Single Resolution Mechanism and oversees macroprudential policy, banking conduct, payment systems, and foreign exchange markets. Additionally, Banco de Portugal issues euro banknotes, monitors currency circulation, and compiles economic statistics.

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