After years of caution, banks are re-evaluating their stance on crypto. Across Europe, new frameworks such as the Markets in Crypto-Assets (MiCA) regulation are giving institutions the confidence to re-enter the market they once avoided.
In Portugal, that shift is already taking shape. Ricardo Martins, general manager at Bison Digital, said banks are beginning to treat crypto as a normal asset class rather than a speculative niche.
"For us, digital assets are an asset with the same properties as a stock or a bond," Martins told TheStreet Roundtable . "The goal is to see digital assets as a cash equivalent, helping to compose portfolios depending on client risk appetite."
He added that the process of securing a crypto license was lengthy but crucial for institutional trust.
"It was a long process hand-in-hand with the regulator," Martins said. "But it shows how serious the banking sector is about compliance and long-term engagement with digital assets."
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Portugal's 0% long-term tax builds confidence
Portugal's updated tax regime, aligned with MiCA, has become one of the clearest in Europe. "If you hold your digital assets for longer than one year, you pay zero tax," Martins said. "If you hold for less than one year, you pay 28%."
He believes the policy encourages responsible, long-term investing. "Our clients think about portfolios for the medium to long term, not high-frequency trading," he said, adding that declaring transactions brings needed transparency to the sector.
Institutional demand centers on Bitcoin and stablecoins
Martins noted that institutional demand still concentrates on Bitcoin and regulated stablecoins . "Bitcoin is still the king of the digital assets," he said.
"More than half of client demand is for Bitcoin. Then I would add stablecoins — in our case, USDC — because USDT is not MiCA-compliant in Europe."
He sees regulation as the catalyst for this quiet return. "We always embraced that we need good regulation," Martins said. "It gives investors confidence and brings banks back to the table."
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This story was originally reported by TheStreet on Oct 21, 2025, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
