Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Banco de Portugal decision, including banking and payment rails.
Get a crypto license in Portugal.
Europe's favourite crypto relocation base finally has its MiCA regime: Banco de Portugal authorises CASPs under Law 69/2025, and personal crypto held over 365 days still sells at 0%. We run the file from our own office in Madeira.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Crypto licenses obtainedlicenses obtained
Updated
Portugal in brief
The relocation favourite grows a real licensing regime.
Portugal spent years as Europe's crypto relocation story - the 0% rate on long-held personal crypto built a genuine community of founders and funds from Lisbon to Madeira. The licensing side has now caught up: Laws 69/2025 and 70/2025, in force since 23 December 2025, implement MiCA with Banco de Portugal as the authorising and prudential supervisor for CASPs and the CMVM supervising conduct and market abuse - the CMVM delivers its opinion inside the authorisation file within 10-15 business days. The old Banco de Portugal VASP register is history; its transitional window closed on 1 July 2026, and today only authorised CASPs serve the market.
The tax architecture is the draw. Companies pay 19% IRC in 2026 - falling from 20% on a legislated glide path - with 15% on an SME's first €50,000, and Madeira cuts deeper still: 13.3% on the island, and 5% inside the International Business Centre (CINM) for licensed companies through 2033. Personal crypto held over 365 days still sells at 0%; shorter holds pay a flat 28%. We are not visitors here - our own Madeira office at Rua da Alegria has run Portuguese structures for years, and now runs CASP files too.
Europe's crypto relocation favourite now has its MiCA regime: Law 69/2025, Banco de Portugal authorising, CMVM on conduct. Transition closed 1 July 2026.
The stack: 19% IRC, Madeira CINM at 5%, 0% on personal crypto held over 365 days, and our own office in Funchal runs the file.
Licence classes
One authorisation, scoped to your services.
MiCA defines ten crypto-asset services in three capital classes. Banco de Portugal authorises the exact scope you apply for, with the CMVM's opinion built into the file. We fix the perimeter first, then build once.
Ten MiCA services in three capital classes. Banco de Portugal authorises the scope you apply for.
01 - CASP · CLASS 1-2
Core crypto services
For brokers, exchangers and custodians. Execution, exchange and safekeeping of client crypto-assets under one authorisation. Minimum capital €50,000-€125,000 depending on scope.
For brokers, exchangers and custodians. Execution, exchange and safekeeping of client crypto-assets under one authorisation. Minimum capital €50,000-€125,000 depending on scope.
- ✓Exchange of crypto ↔ fiat and crypto ↔ crypto
- ✓Execution, reception and transmission of orders
- ✓Custody and administration of client crypto-assets
- ✓Transfer services for crypto-assets
- ✓Advice and portfolio management on crypto-assets
- ✓Placing of crypto-assets
02 - CASP · CLASS 3
0% after 365 days - personalTrading platform
The highest MiCA tier. Operation of a crypto trading venue with €150,000 minimum capital, listing rules and market-abuse controls, passportable across the EU from the jurisdiction founders already live in.
The highest MiCA tier. A trading venue with €150,000 capital, in the jurisdiction founders already live in.
- ✓Operation of a crypto-asset trading platform
- ✓Matching of buyers and sellers in the venue
- ✓Admission-to-trading (listing) framework
- ✓Market-abuse monitoring under MiCA Title VI
- ✓Combines with custody and exchange services
- ✓One home authorisation - for all 27 EU states
Costs and timelines are confirmed for your case before any work begins. Supervisory fees are statutory; the real investment is the file and substance. Both scoped individually in your quote. Madeira CINM structuring is quoted alongside where it fits.
Why Portugal
The founder economics are the argument.
The framework is MiCA via Law 69/2025, supervised by Banco de Portugal and the CMVM. Inside the tax system that made Portugal the continent's crypto address.
✓
0% on long-held personal crypto
Crypto held over 365 days sells tax-free for individuals. The rule that built Portugal's crypto community, still in force in 2026. Shorter holds pay a flat 28%.365 days, then tax-free. Still standing in 2026.
✓
Madeira: 5% inside the CINM
The International Business Centre taxes licensed companies at 5% through 2033, with island IRC at 13.3% otherwise. Combined with the licence, it is one of the EU's sharpest corporate stacks, and our office is on the island.Through 2033, and our office is on the island.
✓
A fresh, purpose-built regime
Law 69/2025 is new and clean: Banco de Portugal authorises and supervises prudentially, the CMVM polices conduct. Clear lanes, MiCA timelines, no legacy baggage.Law 69/2025. Clear lanes, no legacy baggage.
✓
Supervisors that know finance
Banco de Portugal ran the old VASP register and supervises the country's banks; the CMVM runs its securities markets. Your case officers have seen this industry before.The central bank and the securities regulator.
✓
The community is already here
Lisbon and Madeira host one of Europe's densest crypto founder scenes. Talent, events, service providers and banks that have seen crypto clients for years.Lisbon-Madeira: Europe's densest founder scene.
✓
EU passport from the Atlantic
One authorisation covers all 27 EU states through MiCA passporting. Run European operations from the time zone between New York and Frankfurt.27 states from the NY-Frankfurt time zone.
How it compares
How Portugal differs from other routes.
Portugal pairs a brand-new licensing desk with the EU's best-known founder tax story. The comparison is below.
Portugal vs other jurisdictions
| Feature |  Portugal | Other jurisdictions |
|---|---|---|
| Regulatory regime | MiCA CASP - Law 69/2025 | National regimes or lighter desks |
| Personal crypto, long-term | 0% after 365 days | 19-33% in most of the EU |
| Corporate rate | 19% · Madeira CINM 5% | 12.5-30% typical |
| Desk maturity | New - first files forming practice | Established queues elsewhere |
Regulatory regime
PortugalMiCA CASP - Law 69/2025
Other jurisdictionsNational regimes or lighter desks
Personal crypto, long-term
Portugal0% after 365 days
Other jurisdictions19-33% in most of the EU
Corporate rate
Portugal19% · Madeira CINM 5%
Other jurisdictions12.5-30% typical
Desk maturity
PortugalNew - first files forming practice
Other jurisdictionsEstablished queues elsewhere
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Portugal | MiCA CASP (Banco de Portugal) | 19% IRC · 0% personal > 365 d | Fresh regime, finance-grade supervisors |
 Spain | MiCA CASP (CNMV) | 25% CIT · 15% new companies | Engaged, ad-regime pioneer |
 Czech Republic | MiCA CASP (ČNB) | 21% CIT | Fast, technical, predictable |
 Malta | MiCA CASP (MFSA) | ~5-10% effective after refunds | Experienced, slower queue |
PortugalLicense typeMiCA CASP (Banco de Portugal)
Taxation19% IRC · 0% personal > 365 d
RequirementsFresh regime, finance-grade supervisors
SpainLicense typeMiCA CASP (CNMV)
Taxation25% CIT · 15% new companies
RequirementsEngaged, ad-regime pioneer
Czech RepublicLicense typeMiCA CASP (ČNB)
Taxation21% CIT
RequirementsFast, technical, predictable
MaltaLicense typeMiCA CASP (MFSA)
Taxation~5-10% effective after refunds
RequirementsExperienced, slower queue
Before you apply
Requirements for the Banco de Portugal authorisation.Requirements for authorisation.
Law 69/2025 applies the full MiCA standard with Banco de Portugal's banking-supervision culture behind it. The checklist below is what a passing file contains.
01
Portuguese entity. An Lda. or S.A. with its registered office and effective management in Portugal.
02
Substance. Decision-making genuinely in the country: local management, compliance and risk on the ground.
03
Fit & proper management. Clean records and relevant experience for directors and qualifying shareholders.
04
Own funds - €50,000, €125,000 or €150,000 by service class, or one quarter of fixed overheads if higher.
05
Programme of operations. Services, target markets, volumes and a business plan supervisors can interrogate.
06
AML/CFT framework. KYC, EDD, monitoring and reporting to the UIF, with a named compliance officer.
07
ICT and DORA compliance. Resilience testing, incident reporting and the ICT third-party register.
08
Safeguarding of client assets. Segregation of client crypto and funds, custody policy, key management.
09
Governance. Ownership to UBOs, qualifying holdings disclosed, conflicts and complaints procedures.
10
Wind-down plan. Credible, funded and documented.
11
For Madeira structures: CINM licensing and substance requirements. Planned together with the CASP file.
01
Portuguese Lda./S.A., managed from Portugal.
02
Local management, compliance and risk.
03
Fit & proper directors and shareholders.
04
Own funds €50k-€150k by class.
05
Programme of operations + business plan.
06
AML with named officer, reporting to the UIF.
07
ICT resilience under DORA.
08
Segregation and custody of client assets.
09
Ownership disclosed up to UBOs.
10
Credible, funded wind-down plan.
Reflects MiCA and Law 69/2025 as of 2026. The transitional window for legacy VASPs closed on 1 July 2026. New applications are the normal route.MiCA + Law 69/2025 as of 2026. Legacy-VASP window closed 1 Jul 2026.
How it works
From first call to the register.
01
Perimeter and strategy
We map your services to the MiCA classes and fix scope, capital and timeline in writing. Including whether Madeira's CINM belongs in the structure.Classes, capital, CINM. Fixed in writing.
02
Portuguese company and substance
Lda. formation, registered office, local management and governance. The presence Banco de Portugal verifies.Lda., office, local management.
03
The application file
Programme of operations, AML/CFT framework, DORA documentation, safeguarding and wind-down. Complete before filing.Programme, AML, DORA - complete first.
04
Review by both supervisors
Banco de Portugal leads on the MiCA clock - 25 working days to completeness, 40 to decision. With the CMVM's opinion inside 10-15 business days. We answer every round.BdP leads; CMVM opinion in 10-15 days.
05
Authorisation and passport
Entry in the register, ESMA notification and passporting into all 27 EU states - plus ongoing reporting we can keep running.Register entry, then all 27 EU states.
Quick facts
RegulatorBanco de Portugal + CMVM
Law69/2025 · since 23 Dec 2025
Capital€50k / €125k / €150k
Statutory clock25 + 40 working days
CMVM opinion10-15 business days
Transition ended1 July 2026
Madeira CINM5% through 2033
PassportAll 27 EU states
The regime is new. Early, complete files set the precedents and get the cleanest runs. That is an advantage, not a risk, if the file is right.
On the ground in Madeira
Licensed from the island we work on.
Prifinance - Portugal
Madeira · Funchal
Rua da Alegria 31, 1F, Funchal
01
Portuguese company formation
Lda. incorporation, registered office, NIF handling and the corporate layer supervisors expect. Structured for the authorisation.Lda., NIF, structured for the file.
02
The authorisation file
Programme of operations, AML pack and DORA documentation. Drafted by us and defended through Banco de Portugal's rounds and the CMVM opinion.Programme, AML, DORA. Defended in rounds.
03
Madeira and CINM structuring
International Business Centre licensing, 5% rate qualification and island substance. Planned together with the CASP file, from our own office.5% qualification and island substance.
04
Founder relocation
Residence, the 365-day rule and IFICI (NHR 2.0) assessment. The personal layer structured alongside the corporate one.365-day rule, IFICI - structured alongside.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of crypto companies in Portugal.
A corporate rate on a legislated way down, an island regime at 5%, and the personal rule that made Portugal famous. Still standing in 2026.
IRC 19% - and falling
The 2026 budget cut the general rate to 19%, from 20% in 2025, on a legislated glide path. SMEs pay 15% on the first €50,000 of profit.SMEs 15% on first €50k.
Madeira: 13.3% · CINM 5%
Madeira's island rate is 13.3%, and licensed companies inside the International Business Centre pay 5% through 2033. Real substance on the island is required; our office arranges it.Through 2033, with island substance.
Personal: 0% after 365 days
Crypto held over a year sells tax-free for private individuals. Shorter holds pay a flat 28%; professional trading falls under Category B income rules.28% flat under a year.
IFICI - the new NHR
The IFICI regime (NHR 2.0) taxes qualifying inbound professionals at a flat 20% on Portuguese employment income. Founders taking a licensed operation to Portugal often qualify.20% flat for qualifying inbound founders.
VAT-exempt exchange
Crypto ↔ fiat exchange is VAT-exempt as a financial service under the Hedqvist line. The 23% standard rate touches only ordinary supplies.Hedqvist line; 23% only on ordinary supplies.
DAC8 reporting from 2026
EU-wide crypto reporting applies from January 2026. CASPs report client transactions automatically. Compliance is built into your setup from day one.Automatic CASP reporting, EU-wide.
Tax summary
IRC (mainland)19% · 2026
SME rate15% on first €50k
Madeira CINM5% through 2033
Personal, held > 365 d0%
Personal, under 365 d28% flat
IFICI (NHR 2.0)20% flat
VAT on crypto exchangeExempt
*Figures as of 2026. The 365-day exemption applies to private investors. Professional activity is taxed differently; we model your case before you commit.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Portuguese Lda., AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, authorised business.
Follow Prifinance
Active across our channels.
Portugal · Banco de Portugal
Launch your crypto project in Portugal with expert support.
Full-service assistance - from company registration to CASP authorisation and Madeira structuring.
Get a consultation →Free legal opinion
Is Portugal the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Portuguese crypto licence: frequent questions.
What licence does a crypto business need in Portugal?+
CASP authorisation under MiCA, granted by Banco de Portugal under Law 69/2025 - required for exchange, brokerage, custody, transfer, advice and trading-platform services aimed at the Portuguese market.
Who actually supervises - Banco de Portugal or the CMVM?+
Both, in clear lanes: Banco de Portugal authorises CASPs and supervises prudential requirements and stablecoins; the CMVM supervises conduct, market abuse and non-stablecoin crypto-assets, and delivers its opinion within the authorisation file in 10-15 business days.
What happened to the old VASP register?+
Banco de Portugal's national VASP register was superseded by MiCA. Registered firms had a transitional window that closed on 1 July 2026 - today only authorised CASPs and passporting EU firms serve the market, and new applications are the normal route.
How much capital is required?+
MiCA's three classes: €50,000 for advice and order services, €125,000 for exchange, execution and custody, €150,000 for a trading platform - or a quarter of annual fixed overheads if that is higher.
How long does authorisation take?+
The MiCA clock is 25 working days to completeness plus 40 to decision, with the CMVM opinion running inside it. The regime is new - we expect 6-9 months end-to-end for complete files, and early applicants set the precedents.
Is personal crypto really tax-free in Portugal?+
Held over 365 days - yes, 0% for private individuals, still in force in 2026. Sales within a year pay a flat 28%, and professional trading is taxed as Category B income. The line between investor and professional matters; we assess it.
What is the Madeira CINM and can a CASP use it?+
The International Business Centre taxes licensed companies at 5% through 2033, against 19% on the mainland and 13.3% on the island generally. It requires real Madeira substance - jobs and premises, which our Funchal office structures. Whether your CASP or a group company sits inside is a planning question we model.
How are crypto companies taxed generally?+
IRC at 19% in 2026 (15% on an SME's first €50,000), VAT-exempt crypto-fiat exchange, and DAC8 reporting from 2026. Madeira structures can bring the effective rate far lower.
Does the Portuguese licence passport across the EU?+
Yes - one authorisation covers all 27 EU member states through MiCA passporting after notification. Portugal's own market comes with one of Europe's densest founder communities built in.
Why Portugal rather than another MiCA desk?+
Because the whole stack lives in one place: an EU passport, a 19% corporate rate with a 5% island option, 0% on long-held personal crypto, IFICI for relocating founders, and a service ecosystem that has hosted crypto for years. No other desk combines all four.
What licence is needed?+
Banco de Portugal CASP authorisation under Law 69/2025.
BdP or CMVM?+
BdP authorises; CMVM covers conduct - clear lanes.
Old VASP register?+
Superseded; window closed 1 Jul 2026.
Capital?+
€50k / €125k / €150k by service class.
How long?+
6-9 months expected; early files set precedent.
Personal crypto tax-free?+
Yes - 0% after 365 days; 28% under.
Madeira CINM?+
5% through 2033 with real island substance.
Company taxes?+
19% IRC; SME 15%; VAT-exempt exchange.
EU passport?+
Yes - all 27 states by notification.
Why Portugal?+
Passport + 19%/5% + 0% personal - one address.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
Start today
One message away from your Portuguese licence.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Portuguese route fits your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of Banco de Portugal, the CMVM or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.