Multiple Portuguese banks have started closing accounts on crypto exchanges for “risk management” reasons.
Portugal has earned itself a reputation as a crypto haven in recent years for not imposing a capital gains tax on crypto-related gains. But in the last few months, the government and financial sector seem keen to regulate crypto in line with other EU countries.
Portugal Crypto Exchanges Lose Strength
Major banks in Portugal have closed the bank account of crypto companies registered with the Bank of Portugal due to problems with risk management.
In the news in Bloomberg, it was stated that major banks, including Banco Comercial Portugues (BCP) and Banco Santander, as well as Caixa Geral de Depósitos, BiG and Abanca, have closed crypto exchanges. Crypto exchanges that were shut down included Criptoloja, Mind The Coin, Luso Digital Assets, and another crypto company that chose not to be named.
The Governor of the Central Bank of Portugal, who said he was following the issue Mario Centenomade the following statement, stating that financial institutions have the authority to do what they want:
“The decision to open or continue to offer bank account services depends on the risk management policies applied by each banking institution in such situations.”
The Portuguese Central Bank’s stock market regulation includes provisions to prevent the use of digital platforms for money laundering and terrorist financing. However, there are no additional regulations for the crypto sector yet.
