Banco de Portugal, the authority responsible for the registration of virtual asset service providers in Portugal, granted a license to Bison Bank to act as the first cryptocurrency bank in the country.
The bank, which has now received the necessary authorization to work with cryptocurrencies in the country’s banking system, will launch a specific company that will carry out custody and exchange services for cryptocurrencies.
The company intends to offer products and services to meet the high demand of this market looking for virtual financial assets and will also target high net worth institutional investors. However, the company has not yet disclosed which cryptocurrencies it will offer related services.
Within the Bank of Portugal regulations, the company will be supervised with the aim of combating money laundering and the financing of terrorism.
While this is the first cryptocurrency license approved for a bank to operate in Portugal, this is not the first time the country has shown interest in the crypto industry. We hope that the country will continue to innovate and allow the growth and maturation of this industry that can greatly help the local economy.