TLDR
- Portuguese bank Investimentos Globais (BiG) has suspended all fiat transfers to cryptocurrency platforms, while other major Portuguese banks continue to allow such transfers
- The bank, which manages approximately €7 billion in assets, implemented this restriction amid increasing regulatory oversight of crypto in Portugal
- Portugal shifted from a tax-free crypto environment to implementing a 28% capital gains tax on short-term crypto holdings in 2023
- The move comes as part of broader European regulatory changes, including the Markets in Crypto-Assets Regulation
- BiG’s decision sparked criticism from crypto industry figures, including Delphi Labs co-founder José Maria Macedo
A major Portuguese financial institution, Investimentos Globais (BiG), has suspended all fiat currency transfers to cryptocurrency platforms, marking a notable shift in Portugal’s traditionally crypto-friendly banking environment. The bank, which manages assets worth approximately €7 billion ($7.2 billion), implemented this policy change in early 2025.
The restriction was first brought to public attention through social media, when Delphi Labs co-founder José Maria Macedo shared the news on his Twitter account. Macedo expressed strong opposition to the bank’s decision, suggesting that such actions might push more people toward blockchain-based financial solutions.
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
This banking restriction appears to be isolated to BiG, as other Portuguese financial institutions continue to process cryptocurrency-related transactions. Caixa Geral de Depósitos, Portugal’s largest bank, maintains its existing policies allowing fiat transfers to crypto platforms, according to multiple user reports.
The development represents a contrast to Portugal’s previous stance on cryptocurrency operations. Until recently, the country was known as a haven for crypto activities, with the Portuguese Tax & Customs Authority declaring in 2019 that cryptocurrency transactions were exempt from both value-added tax and capital gains tax.
However, the regulatory landscape began to change in 2023 when Portugal introduced new tax regulations for cryptocurrency holdings. Under these rules, profits from crypto assets held for less than 365 days are subject to a 28% capital gains tax, while long-term holdings remain tax-free, with some exceptions for certain tokens and jurisdictions.
BiG’s decision aligns with broader regulatory developments across Europe, particularly the implementation of the Markets in Crypto-Assets Regulation. This framework aims to establish consistent rules for digital assets throughout the European Union and will affect how financial institutions interact with cryptocurrency platforms.
The changing regulatory environment in Portugal reflects similar developments worldwide, as different countries adopt varying approaches to cryptocurrency regulation and taxation. These approaches range from full acceptance to stricter oversight and control.
User feedback suggests that the impact of BiG’s decision has been limited due to the availability of alternative banking options within Portugal. Many cryptocurrency users have reported successfully continuing their transactions through other financial institutions.
The bank’s action has sparked discussions within Portugal’s cryptocurrency community about the relationship between traditional banking institutions and digital asset platforms. Industry observers note that such restrictions might influence how users choose their banking providers.
Recent data indicates that cryptocurrency adoption in Portugal remains relatively modest, with approximately 2.6% of the population holding crypto assets. This figure provides context for understanding the scale of impact that BiG’s policy change might have on the broader Portuguese market.
The timing of BiG’s decision coincides with increased regulatory attention to cryptocurrency transactions across the European Union. Financial institutions are adapting their policies to align with new compliance requirements and risk management frameworks.
Banking experts note that BiG’s approach represents one of the stricter responses to cryptocurrency-related transactions among Portuguese financial institutions. Other banks in the country have maintained more permissive policies while implementing enhanced monitoring procedures.
Portugal’s evolving stance on cryptocurrency regulation demonstrates the challenges faced by countries attempting to balance financial innovation with regulatory oversight. The country’s shift from a tax-free environment to a more structured regulatory framework illustrates this ongoing adjustment.
Technical implementation of the new restrictions at BiG includes automated systems to identify and block transfers to known cryptocurrency platforms. The bank has updated its transaction monitoring systems to enforce these new policies.
The most recent developments indicate that BiG has not announced any timeline for potentially lifting these restrictions, and the bank continues to maintain its position on cryptocurrency platform transfers as of early 2025.
