Currently, there are no specific laws or regulations governing the issuance of cryptocurrencies (other than those set out in the Portuguese AML Act). Consequently, cryptocurrencies are not prohibited and investors are allowed to buy, store and sell these assets. In general, the applicability of existing laws that regulate financial activities must be assessed on a case-by-case basis to determine whether they can regulate a particular ICO, token or related activities. ICOs that aim to offer tokens representing rights and/or economic interests in a predetermined enterprise, project or company can potentially qualify as securities and be subject to existing securities rules, primarily the rules applicable to public offerings of securities and/or trading platforms.