Is crowdfunding regulated in Portugal?

Lei n.º 102/2015, of 24 August, defines crowdfunding as raising funds for entities, activities or projects through an online platform, and names four modalities: donation, reward, equity and lending. They are treated differently on purpose, because the risk a backer takes is different in each.

Reward crowdfunding, the modality CoFunders operates, is the one where the funded party is obliged to provide the product or service that was funded, in return for the funding received. That obligation is the defining feature of the category and it runs from the creator to the backer.

Supervision splits along the same line. Equity and lending crowdfunding fall to the CMVM, the securities regulator. Donation and reward crowdfunding are supervised by ASAE, which handles enforcement and penalties for those two modalities, with platform registration handled through the economic activities directorate rather than the securities regulator. Lei n.º 3/2018, of 9 February, is where the sanctions regime for all of it was set out.

The practical consequence for a backer is worth stating plainly. Consumer and unfair-commercial-practices law applies to how a platform describes what it offers, so misleading claims about returns or safety are actionable. What does not apply is the protection attached to regulated investments, because a reward pledge is not one. If you want that kind of protection, the modality you are looking for is equity crowdfunding, under the CMVM.