One of Portugal’s largest banks, Banco de Investimentos Globais (BiG), has blocked fiat transfers directed at cryptocurrency platforms, drawing attention to the country’s changing stance on crypto-related activities.

As of now, this seems to be an independent decision from BiG, and other banks have not made any similar announcements. 

Is Portugal’s Crypto Stance Changing?

As MiCA came into effect over a week ago in the EU, the crypto community hoped that regulation would become clearer in the region – for better or worse. Yet, regulatory clarity is still at the heart of this controversial decision from BiG. 

BiG cited compliance with directives from the European Central Bank, the European Banking Authority, and the Bank of Portugal as the rationale behind its decision. 

Also, the bank highlighted its commitment to meeting national anti-money laundering and counter-terrorism financing regulations as part of this policy shift.

“Crypto is inevitable, banks are dead, and these abuses of power will only redpill more ppl into moving their wealth on-chain,” a Portuguese crypto entrepreneur, José Maria Macedo, wrote about BiG’s decision. 

While BiG has taken this restrictive stance, other major Portuguese banks, such as Caixa Geral de Depósitos, continue to facilitate fiat transfers to crypto platforms. This suggests that BiG’s approach has not yet become a standard across Portugal’s banking sector.

Portugal, once considered a crypto tax haven, has gradually shifted towards tighter regulatory oversight. In 2023, the government introduced a 28% capital gains tax on short-term cryptocurrency holdings. This decision signaled a departure from its earlier laissez-faire approach.

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Author: Mohammad Shahid