Portugal“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
Asset tokenization in Portugal
We build the platform to tokenize bonds, shares and revenue rights in Portugal: investor onboarding, ERC-3643 tokens and reconciliation with the entity that records the book-entry securities, coordinated with the law firm that structures the issuance under the Securities Code or MiCA.
Tokenize your asset
They trust Metlabs to tokenize their assets
Why Portugal
Why tokenize assets in Portugal?
Since Decree-Law 66/2023, Portugal has treated the representation of financial instruments on DLT as a form of book-entry representation, and it designated the CMVM for the EU pilot regime. Law 69/2025 splits MiCA between Banco de Portugal and the CMVM. For an issuer, the decision is which right to tokenize and which entity records the securities.
2023
year of Decree-Law 66/2023, which treats the tokenization of financial instruments as book-entry representation
Diário da República · Aug 8, 20232025
year of Law 69/2025, which splits MiCA supervision between Banco de Portugal and the CMVM
Diário da República · Dec 22, 2025What gets tokenized
Debt, equity and revenue: what gets tokenized in Portugal
Almost every tokenized issuance represents one of these three rights against the issuer. The right determines the vehicle, the applicable law and who keeps the register, and it is settled before the network or the token standard.
| Right | Debt | Equity | Revenue |
|---|---|---|---|
| What is issued | Bonds (obrigações) | Shares in an S.A. | Revenue rights |
| The investor receives | The investor lends to the issuer and receives interest and, at maturity, the principal. | The investor joins the share capital: dividends, voting rights and a share of any sale or liquidation. | The investor receives a share of the income from an asset: rents, energy sold, sales or royalties. |
| The token enforces |
|
|
|
| Issuer | S.A. | S.A. only | S.A. or Lda. |
| Register | Central system or registrar | Central system or registrar | Registrar if it is a security |
| Law | CVM and CSC, Art. 349 | Portuguese Securities Code | Securities Code or MiCA |
| How it is issued | They are book-entry securities: recorded in a centralized system, with a single financial intermediary chosen by the issuer, or with the issuer itself. On DLT, the operator of a pilot regime infrastructure can act as the sole registrar. After issuing, the S.A. needs a financial autonomy ratio of 35%, unless secured or otherwise exempt. | They follow the same recording options, and shares admitted to trading must be integrated into a centralized system, except on a DLT multilateral trading facility under the pilot regime. Quotas in a private limited company (Lda.) do not work as tokens: their assignment is made in writing and needs the company's consent. | Classification is decided case by case: a financial instrument follows the Securities Code; if it is not one and is fungible, it may fall under MiCA, and the CMVM handles its offer. Contractually, it takes the form of an associação em participação (Decree-Law 231/81), where the investor shares in the profits of another's business. |
Regulation
Regulation guide for PortugalWhich regulation applies to tokenization in Portugal?
It depends on the right the token represents. If it is a financial instrument, such as a bond or a share, it follows the Securities Code (Código dos Valores Mobiliários) and the CMVM supervises it. If not, it may fall under MiCA, which Portugal implements through Law 69/2025: Banco de Portugal receives provider applications and the CMVM handles offers of other crypto-assets and conduct.
Decree-Law 66/2023 clarifies that representing financial instruments on DLT is a form of book-entry representation, so a token that is a security follows the Code's recording rules. The operator of a pilot regime infrastructure, authorized by the CMVM, can record and hold DLT instruments and act as the sole registering intermediary. Outside that regime, the platform reconciles every token transfer with the entity that keeps the register.
A public offer of securities needs a prospectus or an exemption under the Prospectus Regulation; an authorized crowdfunding platform is another route. The former virtual asset register stopped covering services on July 1, 2026. We coordinate the structure with specialist law firms, and authorized entities provide the regulated services.
Portugal
FavourableScore89
- Authorities
- Banco de Portugal and CMVM
- Latest regulatory change
- Jul 2026
Key authorisations
- CASP authorisation or Article 60 MiCA notification
- ART or EMT issuance procedure according to product and entity
- Investment or infrastructure permissions for tokenized securities
- Payment entitlement where required by the activity
Our legal partners
Methodology
How we tokenize an asset in Portugal, step by step
The four phases of our methodology, with the parties involved in Portugal. The law firm and our engineering team work in parallel from the asset review to investor acquisition.
We review the asset's title, encumbrances and cash flows, and decide with the issuer whether the token will be debt, shares or a revenue right. That sets the vehicle, an S.A. or an Lda., the amount and the rules of the issuance.
The law firm classifies the token, drafts the issuance document and chooses the offer route: prospectus, exemption or crowdfunding platform. If the token is a security, the issuer chooses where it is recorded: centralized system, single intermediary or the issuer itself.
We configure the white label platform with your brand: investor onboarding with KYC, signature, payment and ERC-3643 tokens carrying the offer's rules. The connection with the registering entity and coupon or dividend schedules are custom development.
With the issuer and, where there is one, the placing entity, we prepare the offer page and measure the journey to a paid subscription. After the issuance, the platform handles distributions, transfers between verified investors and reporting.
Reviews in Portugal
What do our clients think of Metlabs?
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
Platform
What does our white label tokenization platform include in Portugal?
The investor portal, ERC-3643 tokens and issuer console, under your brand. Out of the box it handles onboarding, signing, payment and distributions; anything else your issuance needs, such as a local payment method or a connection to your bank or custodian, we build on the same platform.
Request a demo
- Your brand and domainYour visual identity and legal notices across the investor portal.
- Investor onboardingSign-up, KYC with Cartão de Cidadão, KYB, BC/FT checks and a custodial wallet.
- End-to-end investmentE-signature and payment in euros by SEPA Instant transfer or in USDC/EURC.
- ERC-3643 tokensEvery subscription is issued under the rules of an offer to qualified investors.
- Issuer consoleProjects, investors, euro reconciliation, distributions and reporting.
- Compliance and audit trailKYC and BC/FT file per investor, and an exportable audit log.
Institutional custody, integrated
We integrate custody and key management providers through their APIs, including Fireblocks, BitGo, Coinbase Prime, Anchorage Digital, Copper and Ledger Enterprise. Depending on the provider and model, keys are managed with MPC or multisig so that none depends on a single device. If the token is a security, custody on behalf of clients is provided by an authorized entity.
FAQ
Frequently asked questions about tokenization in Portugal
What we are asked before a project starts.
Talk to our teamIs asset tokenization legal in Portugal?
Yes. Decree-Law 66/2023 treats the representation of securities on DLT as book-entry representation, and MiCA, implemented by Law 69/2025, regulates crypto-assets that are not financial instruments. What requires CMVM or Banco de Portugal authorization is the activity: recording the securities, placing the issuance or providing crypto-asset services.
Can quotas in a Portuguese Lda. be tokenized?
Not as book-entry securities. Their transfer must be in writing, and an assignment has no effect against the company until it consents, except between spouses, between ascendants and descendants, or between members. To tokenize equity, the vehicle is an S.A.; an Lda. can offer other rights, such as a share in its profits.
How much can be raised without a prospectus in Portugal?
It depends on the route. An authorized crowdfunding platform allows up to €5 million per project owner over 12 months. Outside it, the exemption threshold is set by the Prospectus Regulation, which the EU Listing Act revised in 2024, and the law firm confirms it for each offer.
Does the token give ownership of the asset?
Not by itself. In Portugal the token represents a right against the issuer: a bond, a share in the owning company or a right to its rents. The asset stays in its owner's name, usually the issuing company, and the issuance documents set out what the investor acquires.
Asset tokenization
Assets we tokenize in Portugal.
Asset tokenization
Articles on tokenization
MiFID II and tokenization: classification, services and limits
MiFID II and tokens: financial instrument classification, investment services and the distinction from MiCA before designing an issuance.
What are the differences between security tokens and utility tokens?
How to distinguish financial rights from service access, what legal classification examines and why a token’s name does not determine its regulation.
Real Asset Tokenization: How RWA Tokenization Works
How to structure an RWA project: holder rights, issuance, recordkeeping, payments and recovery. What blockchain adds and what depends on the legal arrangement.
Tokenize your asset in Portugal
Tell us which right you want to issue and we will propose the technical structure, timeline and phased budget.
Where we are
We're your tokenization company in:
Metlabs Offices
Av. García Sabell, 1, Edificio Proa 15009 A Coruña, Spain
We tokenize assets in
SpainUnited StatesUAEUnited KingdomMexicoSingaporeAustraliaSwitzerlandColombiaArgentinaChilePeruGermanyHong KongBrazilEcuadorFranceIndiaPanamaAndorraAustriaBahrainBelgiumBoliviaCanadaCosta RicaCubaCyprusCzechiaDenmarkDominican RepublicEl SalvadorEstoniaFinlandGreeceGuatemalaHondurasHungaryIrelandIsraelItalyJapanKuwaitLiechtensteinLithuaniaLuxembourgMaltaMonacoMoroccoNetherlandsNew ZealandNicaraguaNigeriaNorwayOmanParaguayPolandPuerto RicoQatarRomaniaSan MarinoSaudi ArabiaSeychellesSouth AfricaSouth KoreaSwedenTurkeyUruguayVenezuela
