Portugal MiCA (Markets in Crypto-Assets) Crypto Requirements 2025
The EU's Markets in Crypto-Assets (MiCA) regulation, effective December 30, 2024, requires all crypto-asset service providers (CASPs) operating in Portugal to obtain authorization from the Portuguese Securities Market Commission (CMVM) to continue their operations. Portugal has also established a 12-month transitional period, allowing existing CASPs to operate under current regulations while seeking MiCA authorization.
What is MiCA and How Does It Impact CASPs in Portugal?
MiCA introduces a harmonized regulatory framework for crypto-asset service providers across the EU, including Portugal. Here are the key dates and their significance for Portugal:
- June 30, 2024: Provisions for asset-referenced tokens (ARTs) and e-money tokens (EMTs) take effect.
- December 30, 2024: MiCA’s full provisions come into force, requiring CASPs to obtain authorization from CMVM to continue operations legally.
- December 30, 2025: A 12-month transitional period concludes. From this date, only entities authorized under MiCA will be allowed to provide crypto-asset services in Portugal.
How Scorechain Supports MiCA Compliance for CASPs in Portugal
Scorechain’s advanced AML compliance tools enable CASPs in Portugal to meet MiCA requirements while adhering to national regulatory standards. Here’s how:
- Mandatory Licensing
CASPs in Portugal must comply with MiCA’s EU-wide licensing requirements and register with CMVM for local operations. Scorechain offers a complete compliance framework to help CASPs meet these obligations, maintain accurate records, and align with Portuguese regulatory expectations. - Enhanced Due Diligence (CDD)
Portuguese AML laws demand rigorous customer due diligence, aligning with MiCA’s standards. Scorechain equips CASPs with wallet screening, risk assessment, and transaction monitoring tools, ensuring full compliance with both MiCA and local AML requirements under Portuguese law. - Reporting Obligations
Scorechain simplifies the process of reporting suspicious activities to Portugal’s Unidade de Informação Financeira (UIF). Its Suspicious Activity Reporting (SAR) features ensure CASPs meet MiCA’s obligations while maintaining compliance with Portuguese reporting regulations. - Internal Controls
Under MiCA and Portugal’s AML regulations, CASPs must implement robust internal policies to prevent financial crimes. Scorechain helps organizations create tailored compliance programs, integrating MiCA’s requirements with Portugal’s unique regulatory environment for effective risk management. - Regulatory Oversight
Scorechain’s real-time analytics and reporting dashboards ensure high transparency, meeting CMVM’s stringent oversight expectations. These tools help CASPs comply with MiCA while streamlining collaboration with Portuguese regulators.
Why Scorechain is the Perfect Partner for Portuguese CASPs
By integrating Scorechain’s AML solutions, CASPs operating in Portugal can:
- Navigate MiCA and CMVM regulations with ease.
- Foster trust with customers and regulators through enhanced transparency and compliance.
- Minimize risks using automated monitoring tools and robust internal controls.
Scorechain empowers Portuguese CASPs to confidently navigate the evolving regulatory landscape, ensuring compliance with MiCA while building trust in Portugal’s vibrant crypto market.
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