Bison Bank has apparently been allowed by the Banco de Portugal (the country’s national banking institution) to begin offering cryptocurrency services to clients. To that end, the latter will establish Bison Digital Assets, a subsidiary that will engage in the “virtual asset custody and exchange business.”
According to local media, Bison Bank is the first monetary entity approved by the Central Bank to offer bitcoin trading chances to customers. The company underlined that it will provide “a new and larger collection of products and services” to meet the growing client demand in the digital asset industry.
Bison Digital Assets, the bank’s venture arm, will act as a crypto exchange and custodian.
Bison Bank, headquartered in Lisbon, was previously known as Banco de Investimento SA (Banif). Bison Capital Holding, a Chinese firm, bought the company and renamed it after itself at the time.
Through a platform that functions as a bridge between European and Asian markets, the financial institution offers a wide range of wealth management, depositary & custody, and investment banking services to individuals and institutional clients.
Cryptocurrency transactions in Portugal are exempt from VAT and other taxes like the Personal Income Tax. The country’s authorities regard bitcoin and altcoins as a mode of payment rather than an asset. As a result, the Iberian nation has established itself as a Bitcoin hub for digital nomads.
Its legacy was recently demonstrated when thousands of Ukrainian refugees fled their homeland owing to Russia’s military conflict and entered Portugal. Last month, CryptoPotato reported on the story of Maria Yarotska, a Ukrainian woman who drove for six days across Europe with her family in search of sanctuary in the crypto-friendly state.
“I have a lot of colleagues here. They will help me legalize my documents so I can stay,” Yarotska explained.
Madeira, Portugal’s westernmost island, was another illustration of the country’s crypto-friendly posture. Its Regional Government President, Miguel Albuquerque, announced last week that the region aims to make bitcoin an official tender. He also stated that residents will not have to pay capital gains taxes while trading the principal cryptocurrency.
“I believe in the future, and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira,” he concluded.