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MiCA Regulation Published: Europe's New Crypto Framework and Its Impact on Portugal
Regulation (EU) 2023/1114 (MiCA) established the EU's first comprehensive regulatory framework for cryptoassets, introducing licensing requirements and consumer protection rules.
On 9 June 2023, the Official Journal of the European Union published Regulation (EU) 2023/1114—known as MiCA (Markets in Crypto-Assets Regulation). MiCA is the EU’s first comprehensive regulatory framework for cryptoassets, covering issuance, trading, custody and consumer protection.
The regulation introduces licensing requirements for crypto service providers, establishes rules for stablecoins and mandates strong compliance mechanisms.
For foreign nationals relocating to Portugal—many of whom are crypto entrepreneurs or investors—MiCA introduces a harmonised regime applicable across the EU. Portugal will now apply stricter oversight to exchanges, custodians and token issuers. Retail investors must also adapt to new disclosures and risk classifications.
MiCA complements Portugal’s 2023 domestic tax reforms on cryptoassets, creating a more structured environment for long-term investment.
Official source: Official Journal of the European Union, Regulation (EU) 2023/1114, 9 June 2023 (https://eur-lex.europa.eu)