Portugal's leading bank, Banco de Investimento Global (BiG), has suspended fiat transactions to cryptocurrency platforms, signaling growing regulatory focus on digital assets.
BiG Bank's Decision
BiG announced the suspension of fiat transactions to crypto platforms through a tweet by Delphi Labs co-founder José Maria Macedo. The announcement faced criticism from Macedo, who suggested it could lead to increased funds transfer to blockchain platforms.
Reaction and Impact
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. This move comes as Portugal adjusts its approach to cryptocurrency regulation.
Regulatory Context in Portugal
While the country was once known for its crypto-friendly stance, a new tax scheme introduced in 2023 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 of tightening cryptocurrency regulations.
As the global landscape of crypto regulation evolves, countries like Portugal are revising their policies, aiming to balance innovation and security.
