Sunday, September 25, 2022

Bison Bank Gets Crypto License From Banco de Portugal

The Central Bank of Portugal, otherwise known as Banco de Portugal has issued its first license to Bison Bank, making it the financial institution to trade digital assets in the country. As announced by a local media house, Sapo, the Bank will be managing crypto assets through its subsidiary, Bison Digital Assets.

According to a report, Portugal ranks number 7 among countries that tax less on digital assets. While the nation has a crypto-friendly regulation ecosystem, it, however, has not issued any license that enables a financial services institution or any organization to legally trade on virtual currencies, a narrative that has now changed.

Bison Digital Assets will be providing cryptocurrency custodial services as well as digital asset exchange services. The crypto bank is armed with the mission to provide its customers with new sets of products and services that align with the innovative and dynamic market of the blockchain sphere. 

While the digital assets to be listed for trading are not yet announced, the crypto bank noted that its platform will be duly regulated and will be secure, so as to ensure the safety of its customers to trade without fears of cybercrimes.

Banco de Portugal will be the sole regulator of the crypto bank, ensuring that the business operation of the firm is monitored and prevented from being vulnerable to crimes such as money laundering and terrorism. With this announcement, Bison Bank joins a host of other world-renowned financial institutions that have embraced crypto assets.

DBS, the largest bank in Singapore, has been managing crypto assets for a while now. The financial institution announced last week that it is expanding its shores to procure a space on the Metaverse.

The Canadian branch of KPMG announced in February that it invested in cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). The firm also secured its first non-fungible token (NFT) from the World of Women (WoW) collection, with payments made in ETH.

With the above firms already in the business of managing crypto assets, Bison Digital Assets is poised to succeed in the future as it will be meeting the demands of crypto enthusiasts in the country and in Europe alike.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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