The Banco de Portugal is the authority that registers virtual asset service providers in Portugal. Bison Bank has been granted a license by the Banco de Portugal to be the first crypto bank in Portugal.
Portuguese media outlet Sapo reported that the bank was granted permission to launch Bison Digital Assets. This company will provide custodial services and exchange services for cryptocurrencies.
According to Sapo, customers will be offered a “newer and broader range of products and services that, according to market demand trends, match their global financial and virtual asset needs.”
Bison Digital Assets is also said to target institutional investors with high net worth. However, Bison Digital Assets has yet to disclose which cryptocurrencies it will be offering services for.
Bison Digital Assets is subject to regulation by Banco de Portugal. It will be monitored for anti-money laundering or counter-terrorism financing. The regulator does not provide supervision in areas of market conduct or prudential for crypto service providers.
Although this is the first time a crypto bank has made landfall in Portugal it is not the first time that the European country has tried out the crypto industry.
Portugal and Crypto
Portugal is home to one of the most tax-friendly countries in the world, when it comes crypto.
Since 2018, proceeds from the sale of cryptocurrency have been exempted from tax Traditional investment income, which does not include cryptocurrency investment income, is taxed at more than 20%.
However, businesses that accept crypto are still subject to income tax
Portugal has been the center of attention for many of the most important crypto-related events in recent months. This includes the Solana Breakpoint Conference November 2021.
Portugal’s growing crypto scene earned Lisbon, the capital, a spot on Decrypt’s Top 15 Most Influential Cities in the World 2021.
