Portugal’s top bank, Banco de Investimento Global, (BiG), has suspended fiat transactions to cryptocurrency platforms, signaling increasing regulatory scrutiny on digital assets in the country.
BiG, which manages assets close to €7 billion, made the announcement through a tweet by José Maria Macedo, co-founder of Delphi Labs. Macedo criticized the move, suggesting that it could push more people to transfer their funds to blockchain platforms.
“Cryptocurrency is inevitable, banks are dead, and these abuses of power will only red pill more ppl into moving their wealth on-chain,” he tweeted. Interestingly, the restriction appears to apply only to BiG.
Other major Portuguese banks, such as Caixa Geral de Depósitos, still allow fiat payments to crypto platforms, according to user reports. This move comes as Portugal adjusts its approach to cryptocurrency regulation.
While the country was once known for its crypto-friendly stance, including tax-free crypto trading in 2019, a new tax scheme introduced in 2023 now imposes a 28% capital gains tax on short-term crypto holdings, leaving long-term investments tax-free.
BiG’s decision is part of a broader trend across Europe, where stricter regulations on cryptocurrencies are being enforced. The EU’s Markets in Crypto-Assets Regulation aims to create a unified digital asset framework, impacting financial institutions’ dealings with crypto platforms.
As the global landscape of crypto regulation evolves, countries like El Salvador are adjusting their policies, signaling that the balance between innovation and security is a constant challenge for governments.
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