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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.
