According to reports, the Portugal Central bank recently granted authorization to a local bank, identified as Bison Bank to operate as a Virtual Assets Service Provider(VASP). This license, however, positioned Bison Bank as the first local bank in the country to secure such authorization.
Also, the Central Bank of Portugal(Banco de Portugal) while remaking the list of virtual asset service providers, included Bison in the list. As things stand, Bison bank is now ranked as the country’s fifth certified crypto exchange.
According to a local media, the new company became established to work under Bison Bank, a private firm owned by a Chinese in Hong Kong. In addition, its crypto services emerges and became directed at high net worth customers.
Recall that laws overseeing cryptocurrency exchanges became masterminded by the central bank in April last year. This regulation proceeded to grant license to Mind The Coin and Criptoloja exchange, thus making them the first VASPs Operating in the country.
The offerings of the Bison Bank VASP authorization
Additionally, the first all categories VASP license became awarded to Utust by the Portugal Central bank. This authorization, however, facilitates Utrust to offer crypto to crypto swaps and transfers to wallet addresses. Accordingly, It similarly possesses storage of private keys, while providing a fixation ramp. In view of this, the Bison Bank grossly acquired all categories of the license.
According to reports, cryptocurrency manifests or functions as a form of payment rather than an asset in Portugal. In addition, the country usually abdicates from charging capital gains or private income taxes on cryptocurrency. Such only occur when such transactions manifest as individuals’ exclusive earnings. More so, Portugal remains recognized as a crypto familiar country and an environment for a low tax haven.
According to April 2020 reports, Portugal outlined a proposal aimed at establishing Technological Free Zones (ZLTs). The ZTTs is an arena where industries can examine products and services. Portugal government revealed this arena as testing blockchain technology as included in its digital transformation strategies.
Furthermore, the Portugal government declared in October 2021 its plan to develop a National Blockchain Strategy. Accordingly, Public and private sector businesses and experts are working tirelessly in conjunction to finalize this development.
This faction, however, intends to examine how the state tends to apply the technology while also analyzing regulatory constraints. According to the Portugal government, the blueprint of this theory will be made available at the end of this month, and a final edition by June 2022.