Is Portugal Changing Its Crypto-Friendly Climate?

Is Portugal Changing Its Crypto-Friendly Climate?
  • Major banks in Portugal closed the crypto exchange, CriptoLoja’s account.
  • The Portugal government recently announced its plans to tax crypto income.

According to recent reports, the bank account of Lisbon-based cryptocurrency exchange platform, CriptoLoja was closed by Portugal’s prominent banks, Banco Comercial Portugues and Banco Santander. Additionally, two other smaller banks also terminated the platform’s account without any clarification, as per Pedro Borges, CEO, and founder of CriptoLoja. 

Banco Commercial expressed that the exchanges were urged to submit information about suspicious transactions. But failure in submitting the details may damage banking relationships. Following this, the platform’s CEO, Pedro Borges stated that the firm has always reported suspicious operations. 

He added:

We now have to rely on user accounts outside Portugal to run the exchange. All the compliance and reporting procedures have been followed.

Portugal Changing Its Outlook on Crypto

Along with CriptoLoja, other cryptocurrency platforms such as Mind the Coin and Rival Luso Digital Assets experienced the sudden suspension of their bank accounts. Mind the Coin’s founder, Pedro Guimaraes, claimed that they were unable to open new accounts after all of their accounts were closed earlier this year. The recent actions from the Portuguese banks also affected other crypto exchange platforms, which already hold a license from the central bank.

The Bitcoin-friendly nation attracted many crypto enthusiasts, with its tax-free cryptocurrency regulations and other incentives that provide benefits for the miners and dealers. This encouraged the entrepreneurs to migrate to the country. In the previous year, Portugal’s capital, Lisbon hosted an Ethereum conference. 

However, the government of Portugal recently announced its plans to implement a tax on crypto income. The recent actions coming from Portugal may change its crypto environment. 

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