A Portugal-Based Bank Has Been Granted Crypto License by Regulator

A Portugal-Based Bank Has Been Granted Crypto License by Regulator

Bison Bank, a Portuguese bank, has been granted a license to operate as a “virtual asset service provider” (VASP) by Portugal’s Central Bank (Banco de Portugal), making it the country’s first VASP.

The Banco de Portugal’s list of virtual asset service providers was updated on Thursday, with “Bison Digital Assets” becoming the country’s fifth approved crypto exchange. According to local media, the company would market its crypto services to high net worth customers through Bison Bank, which is completely owned by a Chinese private capital firm located in Hong Kong.

Mind The Coin and Criptoloja, the first two VASPs allowed to operate in the country were previously granted licenses.

Utrust got the first “all categories” VASP license from the regulator in March 2021, allowing the exchange to provide crypto to crypto swaps, transfers to wallet addresses, and custody and storage of private keys in addition to a fiat on-ramp. Bison Bank has received an all-categories license as well.

Portugal has long been seen as a crypto-friendly country and a tax haven for cryptocurrency. Because cryptocurrency is considered a means of payment or currency rather than an asset, there are no capital gains or personal income taxes on it unless it is an individual’s entire source of income in the country.

Portugal’s autonomous Madeira region has announced the adoption of the leading cryptocurrency Bitcoin in these areas at the Bitcoin Conference on April 7.

There is no tax on buying and selling bitcoin in Madeira, confirmed by Portugal’s representative. Furthermore, President of the Government of Madeira Miguel Albuquerque also says Madeira offers “fantastic conditions” for corporations with one of the lowest taxation rates in Europe.

“I believe in the future and I believe in bitcoin,” Miguel Albuquerque said at the Bitcoin Conference 2022.

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