This Thursday, December 5th, the Assembly of the Republic gave final approval to the new legal regime for cryptoactives. The diploma, approved in a final global vote, aims to equate the supervision of digital currencies to that of traditional banking, imposing the end of anonymity in transactions as a central measure to combat financial crime.
At the heart of the legislative changes is the application of the so-called “Travel Rule”. This international standard obliges cryptoactive service providers to collect and share reliable data on payers and beneficiaries of transfers, regardless of the amount moved. The objective is to guarantee full traceability of funds, making it difficult to use these assets for money laundering or terrorist financing.
With the new law, entities operating in this sector in the national territory will be treated as financial institutions for the purposes of preventing money laundering, and will be subject to reinforced supervision by the Bank of Portugal.
Political consensus and adaptation period
The final text received a broad consensus in the hemicycle, receiving favorable votes from the PSD, PS, Chega, CDS-PP, Livre, PAN and JPP benches. The Liberal Initiative opted to abstain, while PCP and Bloco de Esquerda voted against.
Despite approval, the sector will benefit from a transition period. Following a proposal presented by the Government parties (PSD and CDS-PP), the entry into force of the new rules was set for July 1, 2026. This deadline aims to give companies the necessary time to adapt their IT systems to the new reporting requirements.
At the same time, Parliament also approved a PAN recommendation that urges the Executive to create more effective mechanisms to combat misleading advertising about cryptoactives on social media, with a view to protecting small investors.