The implementation of the MiCA regulation aims to ensure a high level of protection for cryptocurrency holders, market integrity, financial stability, and the smooth operation of payment systems. It addresses potential risks to monetary policy related to cryptocurrencies that seek to stabilize their value against a specific asset or a basket of assets, according to the legislative proposal.
The objective is to implement the MiCA regulation into domestic law, designating the competent authorities responsible for carrying out the duties outlined in the regulation and defining points of contact for cross-border administrative cooperation, as well as in relations with the European Banking Authority and the European Securities and Markets Authority.
The law also establishes rules for cooperation between authorities and the disclosure of authorized cryptocurrency service providers. It ensures the knowledge and skills of employees of these providers, as well as the right to class action and complaint resolution procedures, the possibility of forming associations to protect cryptocurrency holders, and access to alternative dispute resolution.
The supervisory responsibilities are divided between the CMVM and the Bank of Portugal.
The Bank of Portugal and the CMVM will closely cooperate and exchange all essential or relevant information necessary for the exercise of supervisory functions as outlined in this law.
