Portugal extends its first cryptocurrency license to a bank

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The crypto industry went from being ignored as a means that facilitates illicit activities to being recognized as legal tender in many countries. This flawless ride has been praised by many. Various governments have been extending support to the market in many ways. Portugal did so by granting its first crypto license to Bison Bank.

Portugal’s central bank, Banco de Portugal, had reportedly given Bison Bank permission to provide digital asset services in the region. The bank is ready to formulate a separate entity called Bison Digital Assets. This platform will also act as an exchange for digital assets in the region. Although this would be the first thank you in the country for obtaining a crypto license, four other platforms have previously acquired this license.

Its first crypto license was granted to the Utrust exchange. After this, the “virtual asset service provider” license was granted [VASP] to two other exchanges, Mind The Coin and Criptoloja.

Also, Bison Digital Assets would be operating under Bison Bank. Despite being located in Portugal, the platform is entirely in the hands of a Chinese capital firm based in Hong Kong.

Portugal: a budding crypto hub?

Apart from port wine and football, Portugal is known to be crypto friendly. Countries like India have been imposing heavy taxes on gains acquired through crypto without even legalizing it. In Portugal, however, there are no capital gains taxes or even personal income taxes on the cryptocurrency trading. The government sees digital assets as a means of payment rather than a currency.

A Twitter user did some digging and pointed out that Portugal was the friendliest country in the world, as well as not taxing cryptocurrencies.

This could certainly pave the way for more platforms to enter the Portugal market to set up a business or simply trade digital assets.

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