Portugal vs Germany: crypto regulation compared

Side-by-side across all nine dimensions, each value linked to its primary government source.

Dimension	Portugal	Germany
CBDC status	Pilot cbdctracker.org ↗	Pilot cbdctracker.org ↗
Legal status	—	Legal, with restrictions BaFin ↗
VASP licensing	Regime in force Banco de Portugal ↗	Regime in force Deutsche Bundesbank / BaFin (MiCAR Title V) ↗
Stablecoin rules	In force Banco de Portugal ↗	In force Deutsche Bundesbank (MiCAR Titles III & IV) ↗
Tax treatment	Mixed (CGT + income) Autoridade Tributária e Aduaneira (AT - Portuguese Tax and Customs Authority) ↗	Mixed (CGT + income) Bundesfinanzministerium (BMF) — income tax + CARF ↗
DeFi treatment	Unaddressed Banco de Portugal ↗	Addressed Deutsche Bundesbank ↗
NFT classification	—	Addressed Federal Financial Supervisory Authority (BaFin) ↗
Mining policy	—	—
Enforcement intensity	—	Moderate Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) ↗