Portugal’s BiG Bank Suspends Fiat Transfers to Crypto Amid ECB Guidance – What It Means for Investors

Portugal’s Banco de Investimentos Globais (BiG) has suspended fiat transfers to cryptocurrency platforms, citing compliance with European Central Bank (ECB) guidance on risks associated with virtual assets. 

The decision was brought to attention after an email to customers, warning about the bank’s new policy. This move follows increasing regulatory scrutiny of crypto markets in Europe, including the European Union’s push for stricter guidelines under the Markets in Crypto Assets (MiCA) regulation. However, some experts argue that this move might backfire by pushing users toward decentralized platforms, outside the control of traditional banks.

Portugal’s Shifting Crypto Landscape Amid Regulatory Scrutiny

Despite this shift from BiG, other major Portuguese banks, like Caixa Geral de Depósitos are reportedly still processing crypto-related transfers. This development could mean a more cautious approach from financial institutions in Portugal, despite the country’s historically crypto-friendly stance, such as exempting crypto transactions from VAT and capital gains tax.

Delphi Labs co-founder José Maria Macedo wrote on social media, “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 people into moving their wealth on-chain,

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Impact of ECB Guidance on Crypto Adoption in Portugal

This is part of a wider trend, where stricter regulations are being introduced. Portugal was once considered a crypto tax haven, with no VAT or capital gains tax on cryptocurrency. But in 2023, it introduced a 28% capital gains tax on short-term crypto holdings.

While some nations, like El Salvador, have scaled back crypto adoption due to economic challenges, Portugal’s evolving stance reflects broader global concerns about the risks associated with digital currencies.