Multiple Portuguese banks have started closing accounts of crypto exchanges for reasons related to “risk management”.
Portugal has earned itself a reputation as a crypto haven in recent years, as it does not impose a capital gains tax on crypto-related earnings. But in the past 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 risk management issues.
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.
Saying that he is following the issue, Portuguese Central Bank President Mário Centeno made the following statement, stating that financial institutions have the authority to do whatever 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.
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