Virtual Currencies Comparative Guide

1 Legal and enforcement framework

1.1 In broad terms, which legislative and regulatory provisions govern virtual currencies in your jurisdiction?

In Portugal, there is no specific legislation governing virtual currencies or cryptocurrencies. Therefore, there is no general prohibition on acquiring, holding or disposing of crypto-assets or virtual currencies.

Nevertheless, several laws regulate various aspects of businesses and transactions carried out using virtual currencies. The existing laws and regulations may apply directly or by analogy.

Depending on whether a given virtual currency qualifies as a particular asset class and whether a particular method of distribution and sale is used, the provisions of various statues may apply, such as: