A prominent Portuguese bank, Banco de Investimentos Globais (BiG), has taken a step to restrict fiat transfers to crypto platforms.
According to a post shared by José Maria Macedo, the founding partner of Delphi Ventures, the bank issued a notice stating that transactions to accounts associated with crypto trading platforms, such as Payward Ireland Ltd., would be declined.
BiG Cites AML and CTF Compliance
BiG emphasized its commitment to anti-money laundering (AML) and counter-terrorism financing (CTF) obligations as a rationale for blocking these transactions.
One of the largest Portuguese banks BIG is now blocking transfers to crypto exchanges, citing ECB guidance about "risks associated to virtual assets"🤦
Crypto is inevitable, banks are dead, and these abuses of power will only redpill more ppl into moving their wealth on-chain pic.twitter.com/QFTfWCcKdz
— José Maria Macedo (@ZeMariaMacedo) January 7, 2025
The bank underscored the risks associated with virtual asset trading in a notice. It highlighted the European Central Bank, the European Banking Authority, and the Bank of Portugal as sources of guidance.
To mitigate these risks, BiG stated it would conduct due diligence in accordance with its risk management policies. These measures include monitoring transactions involving virtual asset platforms and, when necessary, refusing to process such transactions.
This move marks a shift for Portugal, which has traditionally been regarded as a crypto-friendly nation. The decision comes as part of broader regulatory efforts to ensure compliance with international financial standards and safeguard the banking system from potential misuse.
Portugal’s Taxation Policy
The bank’s decision follows previous changes in Portugal’s taxation policy on crypto holdings. In 2022, the country introduced a 28% capital gains tax on crypto assets held for less than one year.
Notably, long-term holdings—those maintained for over 365 days—remained exempt from taxation, providing some relief to investors. However, tokens classified as securities or those originating from specific jurisdictions face different tax treatments.
European Long-term Regulatory Trends
Additionally, BiG’s restrictions reflect broader European trends, where authorities are intensifying oversight of digital assets. Banks and exchanges face growing pressure to adapt to evolving regulatory frameworks, prompting operational changes across the sector.
For instance, in 2021, Binance, a global crypto exchange, adjusted its services in Europe to align with regional regulations. The exchange discontinued futures and derivatives trading for users in Germany, Italy, and the Netherlands. The company stressed that compliance facilitates broader adoption by fostering trust in the crypto market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
