Bison bank, becoming the first licensed crypto bank of Portugal!
Bison Bank, S.A. is a European based bank which is 100% held by private Chinese capital from Hong Kong. They provide a wide and specialised range of Wealth Management, Depositary & Custody and Investment Banking services to individuals and institutional Clients.
Banco de Portugal, the competent authority responsible for registering virtual asset service providers in Portugal, has granted a license on the 14th of April to Bison Bank to act as the first crypto bank in the country.
Per Portuguese media outlet Sapo, the bank has received an approval to conduct custodial and exchange services of cryptocurrencies.
Bison bank will be supervised, by Banco de Portugal, on anti-money laundering and counter-terrorism financing grounds. The regulator does not yet extend supervision to prudential or market conduct areas for crypto service providers. This might change as the Portuguese Minister of Finance, Fernando Medina, stated on the 14th of May that Portugal will adapt legislation and taxation on cryptocurrencies. The minister did not commit to any date but assured that he will create a system.
Bison banks crypto services are not live yet and is expected to roll out in the upcoming 3-6 months. For now, there is no further information on what services they will add.
Sources: https://www.bisonbank.com/ https://decrypt.co/97944/bison-bank-lands-first-crypto-license-in-portugal