Fintech Market Overview

This article does not constitute legal advice.

Fintech in Portugal

Fintech Software

In 2021, the Portuguese government approved Decree Law No. 67/2021 of 30 July 2021, which establishes the legal framework and defines the governance model for the promotion of tech-based innovation through the creation of technological free zones (ZLTs). This act does not create ZLTs per se but establishes the basic conditions for their future creation by interested parties (each of which will require a separate act). While ZLTs are, in fact and in accordance with this Law, considered regulatory sandboxes, because the proper regulatory authorities will directly and permanently monitor tests carried out in them, the aim is to go beyond the creation of disparate 'regulatory sandboxes', 'innovation spaces', 'experimental spaces' or 'living labs' that are set up for specific sectors and instead to adopt a cross-sector and integrated approach (i.e., that crosses more than one sector and may therefore be subject to different regulations and regulators, including the BoP and the CMVM) for experimentation activities, therefore reducing burdens and promoting a culture of experimentation.1

In addition to the above, the Portuguese financial regulators (i.e., the BoP, the CMVM and the Insurance and Pension Funds Authority) implemented the Portugal FinLab programme (now in its third edition) with the purpose of establishing an easily accessible communication channel between entrepreneurs and emerging companies, on the one hand, and the financial regulators, on the other, aimed at supporting fintech businesses and companies in navigating the legal and regulatory challenges and concerns posed by the regulators. Additionally, regulators have shown increased interest in these matters, as demonstrated by their participation in fintech-related conferences and the disclosure on their websites of information released during these conferences.1

Both payment and e-money institutions, as well as PISPs and AISPs and the management entities of crowdfunding platforms, are subject to licensing and registry requirements with either the BoP or the CMVM, respectively. A new regime has also been created for certain entities that pursue activities involving virtual assets to be registered with the BoP.1

Crowdfunding in Portugal

Fintech in other countries

Let's introduce you

Portuguese Fintech Lawyers

Viacheslav Losev

Viacheslav Losev

Legal support for FinTech and Blockchain projects

Silvia Calls

Silvia Calls

We work for international SMEs, startups and Telco's

Kristina Berkes

Kristina Berkes

Participation as a lawyer at investment venture funds, leading venture M&A deals in IT, supporting iGaming and business assets

  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/portugal
Offer for investors

Data Room

Free access to the Investor Data Room to get data on new fast-growing early-stage fintech startups

Investor Data Room