First time Portuguese Bank will provide crypto assets services


Bison Bank bank successfully secured a green signal from the regulators of Portugal to operate its crypto services as Virtual Assets Service Provider. 

With the adoption of the crypto and blockchain industry, new businesses are entering the crypto space with unique concepts and ideas and all these things are making the crypto industry independent from traditional banking services. To remain alive in the future’ modernized banking system, Banks are also trying to provide crypto associated services. 

On 14 April, Banco de Portugal issued its list of cryptocurrencies support for its high net worth clients to access its services under “virtual asset service provider ”(VASP) offerings.

Bank’s VASP services will be available under the “Bison Digital Assets” name. In Portugal, Bison Bank became the first-ever bank that secured a crypto license, and also with this “Bison Digital Assets” became 5 regulated crypto exchanges, but surely it will be limited to wealthy people. 

In April of last year, the country established its crypto regime for the crypto exchanges. Now under this license, Bison Bank has full regulatory approval to provide swap of digital assets, store assets in private key, and also fiat based on ramp trade services. 

Portugal is currently known as a highly crypto-friendly country more likely El Salvador because in this country holding crypto doesn’t impose any tax. So in Portugal, a crypto investor can hold crypto-assets for as much as a long time without any tax until will sell his assets. 

However, El Salvador’s Bitcoin law Act differs small in terms of the tax provisions, where there is no tax on the gains on Bitcoin investment. In El Salvador, people can easily use Bitcoin for payment purposes, alongside the use of the US dollar as a legal tender. 

At the beginning of Q4 2021, the Portugal government announced that it works to set up a group to develop a National Blockchain Strategy, with the engagement of private and Public businesses to go with the deep analysis of crypto & blockchain bring better adoption.

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