Multiple Portuguese banks have started closing accounts of some crypto exchanges for reasons related to “risk management”.
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 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.
According to the news in Bloomberg, Portuguese major banks, including Banco Comercial Portugues (BCP) and Banco Santander, as well as Caixa Geral de Depósitos, BiG and Abanca, have closed the bank accounts of crypto exchanges. Crypto exchanges that have been shut down include 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 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.