Are Portuguese banks cold with cryptocurrencies?

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Lightning in Portugal, where some of the largest banks in the country have decided to close the accounts of some cryptocurrency companies. An announcement that surprises many in a country known for its climate favorable to digital assets.

Closing an account on various cryptocurrency exchanges

If the law still doesn’t change for a person, then everything Portuguese crypto companies in trouble. In fact, the Bloomberg trading agency informs us Banco Commercial Portugal and Banco Santander The two largest banks in the country have decided to close the bank accounts of CriptoLoja, a cryptocurrency exchange based in Lisbon. The company offers private individuals Buying and selling cryptocurrencies and it’s registered in Bank of Portugalthe country’s central bank.

It should be noted that this record, although it indicates CompliancePSAN equivalent in France, it does not protect various cryptocurrency companies ran into this problem. Indeed, three of the five exchanges whose accounts were closed had such a registration with the central bank.

Pedro Borges, CEO and co-founder of CriptoLoja, is shocked by this decision:

We now have to rely on using accounts outside of Portugal for the exchange to work. While all compliance and reporting procedures have been followed.

Two other cryptocurrency exchanges have already closed their bank accounts without further explanation. Pay attention to the coin it offers ATM for easy bitcoin purchase and Litecoin in Lisbon, Porto and Faro, couldn’t open an account for months and saw all his accounts are closed by the banks as stated by Pedro Guimares, founder of the company.

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Why such a tightening in relation to cryptocurrency companies?

As already mentioned, yesOfficial reason not yet filtered with regard to these decisions by the main banks in the country, as well as by minor institutions.

Observers pay attention to various policies money laundry And Combating the financing of criminal activities. In fact, this is often why supervisors or, in this case, banks tighten their conditions. Especially in this context, KYC procedures are mandatory. Expensive trading procedures, as Binance reminded us earlier this week.

Changing the country’s strategy towards cryptocurrencies?

In recent months, many articles have blossomed Portugal and its favorable climate for cryptocurrencies. In fact, the country has a significant advantage as there is no legislation on digital assets to date. main point The country does not tax cryptocurrency holders. This is one of the few European countries that is so generous in this field. For example, unlike in France, you don’t have to pay capital gains tax in bitcoin. A shocking argument for attracting investors to the country.

This is also allowed in the country. Acquisition of real estate through the purchase in cryptocurrencies Very easy. It also made it possible for the first time to buy an apartment in bitcoin in Europe without exchanging it for euros.

But everything seems to change rapidly in a small southern European country. In May, in fact, the Portuguese finance minister spoke of the government’s intention to legislate on the matter. close this loophole. He added that the government wants to introduce himand as soon as possible a new legal framework to guarantee thisBalance between fiscal equity and competitiveness International. It is also currently difficult to know exactly which measures to take.

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Recently, two left-wing parties have also proposed a change in fiscal policy, tax do for people Earn over $ 5,100 per year with cryptocurrencies. This proposal was rejected by Congress, but further action is pending.

If the Portuguese climate has been generous towards cryptocurrency holders, then that’s it. mainly due to the legal vacuum as noted by some observers. More than a deliberate strategy by the Portuguese authorities, it is this regulatory vacuum that has attracted many investors to the country. A tightening is therefore to be expected, especially as the European regulation of the MiCa, currently under discussion, risks leading to a reshuffling of the cards.

We will follow the evolution regulatory results in Portugal know if country retains its attractiveness Where is it tighten the laws especially with regard to the taxation of digital assets.

To learn more about MiCa regulation, see our article here.

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