European legislation already exists, but the Portuguese text is still being finalised and a regulator has yet to be appointed, a responsibility that will fall on the CMVM led by Luís Laginha de Sousa.

"It is expected that the CMVM will be the competent authority" with regard to the "supervision of 'tokenised' asset infrastructure", the Ministry of Finance told Jornal de Negócios.

The new European regulation, known as the “DLT Pilot” and which governs the “tokenization” of assets, is already in force, but there is still a need to smooth out the rough edges in the national legislation. For the legislation to be fully enforced, “only a national enforcement diploma is missing”, explained the vice-president of the CMVM, Inês Drumond.

With regard to ongoing legal adaptations, the Ministry of Finance clarifies that "the Government is working to ensure the implementation of the 'DLT Pilot' and several other regulations, and this work is expected to be completed shortly".