TLDR
- Portuguese bank Investimentos Globais (BiG) has stopped all fiat transfers to cryptocurrency platforms, while other major Portuguese banks continue to allow such transfers
- The bank, which manages about €7 billion in assets, implemented this restriction amid increased oversight of crypto in Portugal
- Portugal moved from a tax-free crypto environment to introducing a 28% capital gains tax on short-term crypto holdings in 2023
- The move comes as part of wider European regulatory changes, including the Crypto Asset Markets Regulation
- BiG’s decision drew criticism from crypto industry figures, including Delphi Labs co-founder José Maria Macedo
A large Portuguese financial institution, Investimentos Globais (BiG), has stopped all fiat currency transfers to cryptocurrency platformsmarking a notable change in Portugal’s traditionally crypto-friendly banking environment. The bank, which manages assets worth about 7 billion euros ($7.2 billion), implemented this policy change in early 2025.
The restriction was first noticed 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 could push more people towards blockchain-based financial solutions.
One of the largest Portuguese banks BIG is now blocking transfers to crypto exchanges, citing ECB guidance on “risks associated with virtual assets”🤦
Crypto is inevitable, the banks are dead, and these abuses of power will only lead to more people 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 DepositosPortugal’s largest bank, is maintaining its existing policies allowing fiat transfers to crypto platforms, according to multiple user reports.
The development represents a contrast to Portugal’s previous approach to cryptocurrency operations. Until recently, the country was known as a haven for crypto business, with the Portuguese Tax and Customs Authority declaring in 2019 that cryptocurrency transactions were exempt from both VAT and capital gains tax.
However, the regulatory landscape began to change in 2023 when Portugal introduced new tax rules for cryptocurrency holdings. Under these rules, profits from crypto assets held for less than 365 days are subject to a capital gains tax of 28%, while long-term holdings remain tax-free, with some exceptions for certain tokens and jurisdictions.
BiG’s decision is in line with broader regulatory developments in Europe, in particular the implementation of the Crypto Asset Markets Regulation. This framework aims to establish consistent rules for digital assets across the European Union and will affect how financial institutions interact with cryptocurrency platforms.
The changing regulatory environment i Portugal reflects similar developments worldwide, as different countries adopt different approaches to cryptocurrency regulation and taxation. These approaches range from full acceptance to stricter oversight and control.
Feedback from users 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 actions have sparked discussions within Portugal’s cryptocurrency community about the relationship between traditional banking institutions and digital asset platforms. Industry observers note that such restrictions could affect how users choose their banking providers.
Recent data suggests that the use of cryptocurrencies in Portugal is still relatively modest, with around 2.6% of the population holding crypto assets. This figure provides context for understanding the extent of the impact BiG’s policy change could have on the wider Portuguese market.
The timing of BiG’s decision coincides with increased regulatory attention on cryptocurrency transactions across the European Union. Financial institutions are adapting their policies to adapt to 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 improved monitoring procedures.
Portugal’s changing approach to cryptocurrency regulation demonstrates the challenges facing countries trying to balance financial innovation with regulatory oversight. The country’s transition from a tax-free environment to a more structured regulatory framework illustrates this ongoing adaptation.
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.
Recent developments indicate that BiG has not announced a timeline for possibly lifting these restrictions, and the bank continues to maintain its position on cryptocurrency platform transfers starting in early 2025.
