The Central Bank of Portugal Issued A License To Bison Bank To Work With Crypto Assets

Bison Bank, a Portuguese financial institution, has received a license from the Central Bank of Portugal to operate as a Virtual Asset Service Provider (VASP). Bison Bank will create a dedicated business unit, Bison Digital Assets, to operate as a virtual asset exchange. The unit is the first bank-owned entity in Portugal authorized by the Central Bank of Portugal to offer custody and crypto trading services.

In the spring of 2021, Portugal passed laws regarding the regulation of cryptocurrencies and the licensing of companies working with digital assets. Later, the Central Bank issued the first license to Utrust, a company operating in the field of payments with cryptocurrencies. This allowed the platform to provide the Portuguese with services related to cryptocurrency swaps and transactions, custody of crypto assets, as well as work with fiat currencies. Last summer, the regulator issued permissions for the Mind The Coin and Cryptoloja exchanges to operate in the country.

The Portuguese government has a clearer stance on cryptocurrencies compared to its European colleagues, who are still very wary of digital assets. Many crypto enthusiasts prefer to work or live in Portugal, since this country does not need to pay taxes on income from cryptocurrency transactions.

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