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Portuguese regulator grants bank its first crypto license

Portuguese regulator grants bank its first crypto license



Portugal’s regulatory hurdle Banco de Portugal has granted Bison Bank permission to offer crypto services in the future.

  • Portugal’s Bison Bank has received permission from the local central bank (Banco de Portugal) to offer virtual asset services in the future.
  • This makes it the first bank in the country to receive the green light from the regulator.
  • On Thursday, April 14, Banco de Portugal updated its list of virtual asset service providers, adding “Bison Digital Assets” as the country’s fifth licensed crypto exchange.
  • The bank’s new services are initially reserved for high-net-worth individuals.
  • Portugal has long been considered a crypto-friendly country and crypto tax haven among crypto enthusiasts. No capital gains on cryptocurrencies have to be withheld since 2019, unless it is the only income.
  • Portugal, unlike other EU countries, already values cryptocurrencies as a means of payment or currency and not as an asset since 2019.

Picture by Pexels

Post source: Portuguese regulator grants bank its first crypto license



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