Bison Bank

History

2022: Bison received permission from the Central Bank of Portugal to work with cryptocurrencies

In mid-April 2022, the Portuguese bank Bison received permission from the Central Bank of Portugal to operate as a provider of virtual asset services. The bank was the first in the country to receive a green light from the regulator to work with cryptocurrencies.

On April 14, 2022, the Central Bank of Portugal updated the list of virtual asset service providers, adding Bison Digital Assets as the fifth licensed crypto exchange in the country. The company will operate under the management of Bison, which is wholly owned by a Chinese private equity firm, and will also position its crypto services for wealthy customers, according to local media.

Bison received permission from the Central Bank of Portugal to work with cryptocurrencies

In April 2021, laws were adopted governing the activities of cryptocurrency exchanges in the licensing regime under the control of the Central Bank of Portugal. In June 2021, licenses were issued to Mind The Coin and Criptoloja exchanges, which were allowed to work in the country. Portugal has long been considered a crypto-friendly country and a crypto-tax harbor. The state does not have taxes on capital gains or personal income on cryptocurrency, unless this is the only income of a person, since Portugal considers cryptocurrency a form of payment or currency, and not an asset.

In April 2020, the country announced plans to create free technological zones in which enterprises can test products and services, while the government said it was considering testing blockchain technology as part of its digital transformation plan. In October 2021, the Portuguese government announced the involvement of public and private sector enterprises, together with experts, in the creation of a working group to develop a National Blockchain Strategy. The group is studying the possibilities of applying technology in the country, as well as clarifying the conditions for regulation. The Portuguese government expects the draft strategy to be published at the end of April 2022, and the final version in June 2022.^[1]

Notes