One of Portugal’s largest banks, Banco de Investimentos Globais (BiG), has blocked fiat transfers directed at cryptocurrency platforms, drawing attention to the country’s changing stance on crypto-related activities.
As of now, this seems to be an independent decision from BiG, and other banks have not made any similar announcements.
Is Portugal’s Crypto Stance Changing?
As MiCA came into effect over a week ago in the EU, the crypto community hoped that regulation would become clearer in the region – for better or worse. Yet, regulatory clarity is still at the heart of this controversial decision from BiG.
BiG cited compliance with directives from the European Central Bank, the European Banking Authority, and the Bank of Portugal as the rationale behind its decision.
Also, the bank highlighted its commitment to meeting national anti-money laundering and counter-terrorism financing regulations as part of this policy shift.
“Crypto is inevitable, banks are dead, and these abuses of power will only redpill more ppl into moving their wealth on-chain,” a Portuguese crypto entrepreneur, José Maria Macedo, wrote about BiG’s decision.
While BiG has taken this restrictive stance, other major Portuguese banks, such as Caixa Geral de Depósitos, continue to facilitate fiat transfers to crypto platforms. This suggests that BiG’s approach has not yet become a standard across Portugal’s banking sector.
Portugal, once considered a crypto tax haven, has gradually shifted towards tighter regulatory oversight. In 2023, the government introduced a 28% capital gains tax on short-term cryptocurrency holdings. This decision signaled a departure from its earlier laissez-faire approach.
“While other Portuguese banks are still crypto-friendly, BiG’s standing alone with this. It’s hitting right after Portugal’s new crypto taxes—28% on short-term gains—which just shook things up. Looks like more people are gonna turn to DeFi now, since BiG’s pushing ‘em that way,” Mario Nawfar wrote on X (formerly Twitter).
BiG’s decision reflects broader regulatory trends across Europe, where the Markets in Crypto-Assets Regulation (MiCA) aims to create a unified framework for digital asset operations in the European Union.
However, attitudes toward crypto vary widely across EU member states.
Other EU Countries Tell a Different Story
In the Czech Republic, the governor of the national bank recently proposed adding Bitcoin to the country’s foreign exchange reserves. He described it as a diversification strategy rather than a major investment.
In France, banking giant BPCE plans to offer Bitcoin and other crypto services in 2025 through its subsidiary Hexarq, in compliance with MiCA regulations.
Meanwhile, Deutsche Bank in Germany is introducing a Layer-2 solution to tackle compliance issues for public blockchains.
At the same time, Switzerland has taken a distinctive approach. In 2024, the Swiss National Bank expressed a preference for tokenized assets over central bank digital currencies (CBDCs).
The Swiss banking sector has embraced crypto more openly, with St. Galler Kantonalbank starting Bitcoin and Ethereum trading services for clients in 2023.
BiG’s restrictions stand out in contrast to these broader European trends. The recently implemented MiCA framework offers banks across the EU assurance that only compliant cryptocurrency platforms will operate in the region.
This makes BiG’s decision to curtail Portugal’s crypto transactions an exception, as many financial institutions in Europe are increasingly exploring opportunities in digital assets.
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