🇲🇹 Malta vs 🇵🇹 Portugal: crypto licensing compared
Decision context and regulator route
Malta and Portugal are commonly considered side by side for crypto authorisation. In Malta the route is the MiCA CASP authorisation under the Markets in Crypto-Assets Act (Cap. 647); replaces the legacy VFA licence (VFA Act 2018) via a fast-track conversion. Malta granted one of the EU's first full CASP licences (Jan 2025). overseen by Malta Financial Services Authority (MFSA) - single competent authority; a long-standing crypto supervisor since the 2018 VFA regime.; in Portugal it is the MiCA CASP authorisation implemented by Lei n.o 69/2025 (22 Dec 2025). Replaces the legacy Banco de Portugal VASP (AML) registration. under Twin-peaks: BANCO DE PORTUGAL is the CASP authorisation authority + prudential/AML supervisor (single application front door); CMVM is the conduct-of-business and market-abuse supervisor. (Corrects the seed - not CMVM-led.). The public licence and regulator fields below are open to everyone; the complete sourced comparison is included with access.
Malta: verified 2026-08-15 · Portugal: verified 2026-08-15
| Dimension |
🇲🇹 Malta
partly open
Verified 2026-08-15
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🇵🇹 Portugal
partly open
Verified 2026-08-15
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|---|---|---|
| Licence type | MiCA CASP authorisation under the Markets in Crypto-Assets Act (Cap. 647); replaces the legacy VFA licence (VFA Act 2018) via a fast-track conversion. Malta granted one of the EU's first full CASP licences (Jan 2025). | MiCA CASP authorisation implemented by Lei n.o 69/2025 (22 Dec 2025). Replaces the legacy Banco de Portugal VASP (AML) registration. |
| Regulator | Malta Financial Services Authority (MFSA) - single competent authority; a long-standing crypto supervisor since the 2018 VFA regime. | Twin-peaks: BANCO DE PORTUGAL is the CASP authorisation authority + prudential/AML supervisor (single application front door); CMVM is the conduct-of-business and market-abuse supervisor. (Corrects the seed - not CMVM-led.) |
| Capital requirement | Malta capital requirement is included in the £349 pass. | Portugal capital requirement is included in the £349 pass. |
| Timeline to authorisation | Malta timeline to authorisation is included in the £349 pass. | Portugal timeline to authorisation is included in the £349 pass. |
| Local substance | Malta local substance is included in the £349 pass. | Portugal local substance is included in the £349 pass. |
| Application cost | Malta application cost is included in the £349 pass. | Portugal application cost is included in the £349 pass. |
| Ongoing cost | Malta ongoing cost is included in the £349 pass. | Portugal ongoing cost is included in the £349 pass. |
| Passporting | Malta passporting is included in the £349 pass. | Portugal passporting is included in the £349 pass. |
| MiCA CASPs approved | Malta mica casps approved is included in the £349 pass. | Portugal mica casps approved is included in the £349 pass. |
| Key restrictions | Malta key restrictions is included in the £349 pass. | Portugal key restrictions is included in the £349 pass. |
| Recent changes | First-mover: Crypto.com licensed 27 Jan 2025; ~13 CASPs now authorised (OKX, Gemini, Gate, Blockchain.com). ESMA's 10 Jul 2025 peer review criticised the MFSA's authorisation of one CASP, tightening scrutiny. Transition ends 1 Jul 2026. | Lei 69/2025 (MiCA) and Lei 70/2025 (Travel Rule) published 22 Dec 2025, about a year late. The legacy-VASP transitional window closed 1 Jul 2026. Bison Bank became Portugal's first MiCA-authorised CASP in late Jun 2026, following approval from Banco de Portugal and the CMVM. |
| Difficulty rating | Malta difficulty rating is included in the £349 pass. | Portugal difficulty rating is included in the £349 pass. |
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What changed recently
🇲🇹 Malta (verified 2026-08-15): First-mover: Crypto.com licensed 27 Jan 2025; ~13 CASPs now authorised (OKX, Gemini, Gate, Blockchain.com). ESMA's 10 Jul 2025 peer review criticised the MFSA's authorisation of one CASP, tightening scrutiny. Transition ends 1 Jul 2026.
🇵🇹 Portugal (verified 2026-07-10): Lei 69/2025 (MiCA) and Lei 70/2025 (Travel Rule) published 22 Dec 2025, about a year late. The legacy-VASP transitional window closed 1 Jul 2026. Bison Bank became Portugal's first MiCA-authorised CASP in late Jun 2026, following approval from Banco de Portugal and the CMVM.
Quick answers
Who regulates crypto licensing in Malta and Portugal?
Malta: Malta Financial Services Authority (MFSA) - single competent authority; a long-standing crypto supervisor since the 2018 VFA regime.. Portugal: Twin-peaks: BANCO DE PORTUGAL is the CASP authorisation authority + prudential/AML supervisor (single application front door); CMVM is the conduct-of-business and market-abuse supervisor. (Corrects the seed - not CMVM-led.).
What licence do you need in Malta compared with Portugal?
In Malta the authorisation route is MiCA CASP authorisation under the Markets in Crypto-Assets Act (Cap. 647); replaces the legacy VFA licence (VFA Act 2018) via a fast-track conversion. Malta granted one of the EU's first full CASP licences (Jan 2025).; in Portugal it is MiCA CASP authorisation implemented by Lei n.o 69/2025 (22 Dec 2025). Replaces the legacy Banco de Portugal VASP (AML) registration.. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full Malta vs Portugal comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /crypto/compare/malta-vs-portugal.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.