- Bison Bank, a Portugal-based financial institution, the country’s central bank to function as a virtual asset service provider (VASP).
- Bison Bank is to create a special business division, to operate as a virtual asset exchange.
- This marks the granting of the country’s first crypto license to a Bank.
A Portugal-based financial institution Bison Bank has recently acquired a license from the Portuguese central bank (Banco de Portugal) to function as a virtual asset service provider (VASP). This move marks it to be the first bank in the country to be given a seal of approval by the regulator.
According to a Portuguese news outlet, Bison Bank is planning to create Bison Digital Assets, a special business division, to operate as a virtual asset exchange.
Bison Bank will position its crypto services to high net worth customers
Bison Digital Assets is a one-of-a-kind entity as it is the first in Portugal owned by a bank to be authorized by Banco de Portugal to facilitate custodian and crypto trading services.
Owned by a Hong-Kong based Chinese private capital group, Bison Bank offers depositary, wealth management, and investment banking services to institutional clients and individuals.
Earlier in the month of March, Banco de Portugal granted the first full all-categories VASP license to an on-chain crypto payments firm based in Portugal, Utrust.
The bank also licensed Criptoloja and Mind The Coin, both of which are crypto exchanges to operate as VASPs. Luso Digital Assets also got a crypto exchange license from the bank.
Portugal is one of the countries that are inclined toward the asset class, it is said to be a crypto tax haven. The country acknowledges cryptocurrency as a form of payment or currency instead of an asset.
The country is also expected to take further moves related to the asset class in the future.
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Source: https://www.thecoinrepublic.com/2022/04/16/banco-de-portugal-approves-a-bank-first-time-for-crypto-license/