For EU regulation, please visit Europe: Smart Contracts Definition and Legality.
The European Union is increasing its efforts to foster work around new technologies like blockchain. The European Commission’s new Fintech Lab in the second quarter in 2018. Involving EU-level and national authorities, as well as technology providers in Europe, seeks to raise the “regulatory and supervisory capacity and knowledge” around new technologies, including blockchain. The report identified areas of possible development, including legal clarifications around smart contracts, initial coin offerings, and other jurisdictional issues raised by the tech. As Portugal has not yet defined smart contracts please see the EU section since EU law applies.
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