Banco de Investimento Global (BiG) in Portugal recently halted fiat payments to cryptocurrency platforms. This move signifies increasing regulatory scrutiny on digital assets in the region. The announcement was made via a tweet by José Maria Macedo, co-founder of Delphi Labs, who criticized the action, suggesting it might drive more users to transfer their funds to blockchain platforms.

While BiG has taken this restrictive step, other MAJOR banks in Portugal such as Caixa Geral de Depósitos continue to permit fiat payments to crypto platforms. This decision highlights a broader regulatory shift in Portugal, which includes the introduction of a 28% capital gains tax on short-term crypto holdings from 2023, signaling a move away from its previously crypto-friendly policies.

BiG’s decision is part of a larger European trend towards stricter cryptocurrency regulations. The EU’s Markets in Crypto-Assets Regulation aims to create a unified regulatory framework affecting how financial institutions engage with crypto platforms. As countries like El Salvador adjust their crypto policies, the balance between innovation and security remains a key concern for governments.