Banco de Portugal issues first cryptocurrency licence to a bank

Bison Bank, the first among Portuguese banks получил from Banco de Portugal a licence as a virtual asset service provider (VASP).

According to ECO, the company will create a dedicated unit, Bison Digital Assets, to operate as a cryptocurrency exchange and custodian.

This will be the first bank-owned legal entity in Portugal licensed to provide deposit and trading services in the digital assets space, emphasised by Bison Bank.

Bison Digital Assets will focus on high-net-worth clients in line with the parent company’s strategy. Details on which cryptocurrencies the financial institution will allow trading have not been disclosed.

Bison Bank provides deposit and investment-banking services to individuals and institutional clients. It is owned by the Hong Kong-based private company Bison Capital Holding Company Limited.

As reported in June 2021, the holders of the VASP license became two Portuguese crypto exchanges Criptoloja and Mind the Coin.