tl;dr
Major Portuguese bank, Ad Banco of Investimentos Globais (BiG), has started blocking fiat transfers to crypto platforms in compliance with guidelines from the European Central Bank, the European Banking Authority, and the Bank of Portugal. The decision aims to ensure compliance with anti-money laund...
BiG, one of Portugal's largest banks, recently announced the decision to block fiat transfers to crypto platforms in compliance with guidelines from the European Central Bank, the European Banking Authority, and the Bank of Portugal. This move is aimed at ensuring compliance with anti-money laundering and terrorism financing laws, reflecting the mixed stance of the EU on the use of cryptocurrencies and blockchain technology.
The decision to block fiat transfers was made by Ad Banco of Investimentos Globais (BiG), a bank that reported nearly €7 billion in assets under management in 2023. According to a notification shared by Delphi Labs co-founder Jos� Maria Macedo, the rationale behind the decision is to adhere to the mentioned guidelines and the country's laws concerning money laundering and terrorism financing.
While the blockage seems to be specific to BiG at the moment, a user commenting on Macedo's publication mentioned that fiat transfers to crypto platforms using Portugal’s largest bank, Caixa Geral de Dep�sitos, are unaffected.
Despite BiG's actions, there is ongoing debate within the European financial community regarding the regulation and adoption of digital assets. ECB Executive Board member Piero Cipollone has advocated for the EU to embrace digital assets and distributed ledger technology as a means to address the fragmentation of Europe’s capital markets. This viewpoint contrasts with the criticisms from ECB economist J�rgen Schaaf, who is known for being a vocal critic of Bitcoin.
Overall, the decision by Portugal's BiG bank to block fiat transfers to crypto platforms highlights the complexities surrounding the regulation and integration of cryptocurrencies within the EU financial landscape. As discussions and debates continue within the European financial sector, the future of digital assets and blockchain technology in the region remains uncertain.