Portuguese Financial Institution Makes Significant Adjustment to Cryptocurrency Transaction Policies

Portuguese Bank BiG Suspends Cryptocurrency Platform Transfers

Major Portuguese bank Investimentos Globais (BiG) has suspended all transfers to cryptocurrency platforms, a move that contradicts the policies of other national banks in Portugal. This decision marks a significant shift in the country’s stance on digital assets, reflecting broader regulatory developments across Europe.

According to sources, BiG implemented this restriction amid increasing regulatory oversight of crypto activities in Portugal. The bank, which manages approximately €7 billion in assets, has updated its transaction monitoring systems to enforce these new policies.

In 2023, Portugal introduced a capital gains tax on short-term cryptocurrency holdings, marking a significant departure from its previous stance as a haven for crypto activities. This change aligns with the implementation of the Markets in Crypto-Assets Regulation, which aims to establish consistent rules for digital assets across the European Union.

Industry experts note that BiG’s decision represents one of the stricter responses to cryptocurrency-related transactions among Portuguese financial institutions. Other banks have maintained more permissive policies while implementing enhanced monitoring procedures.

The impact of this decision has been limited due to the availability of alternative banking options within Portugal. Many users have reported successfully continuing their transactions through other financial institutions, highlighting a growing trend towards diversification in the crypto community.

Despite BiG’s stance, recent data indicates that cryptocurrency adoption remains relatively modest in Portugal, with around 2.6% of the population holding digital assets. This figure provides context for understanding the scale of impact that BiG’s policy change may have on the broader Portuguese market.

As a result, the bank’s decision has sparked discussions within Portugal’s cryptocurrency community about the relationship between traditional banking institutions and digital asset platforms.

Source: blockonomi.com