Bison Bank from Portugal has reportedly been successful in obtaining regulatory greenlight from Portugal’s Central Bank (Banco de Portugal), to function as a “virtual asset service provider ”(VASP). 

Specifically, Banco de Portugal reportedly refreshed its list of virtual asset service providers, showing the inclusion of “Bison Digital Assets”, securing the fifth spotas nation’s licensed crypto exchange.

The firm is freshly established to function under Bison Bank, which is currently in the possession of a China-based private capital entity headquartered in Hong Kong, and will cater its crypto services to high net worth customers. 

In April last year, regulations were reportedly introduced, which had crypto exchange entities falling under the regulatory scope of a licensing regime run by the central bank. 

Later in June 2021, licenses were reportedly sent out to the exchanges Mind The Coin and Criptoloja, the first two VASPs that were able to secure permission to function in the nation.

In March last year, the regulator granted the first “all categories” VASP license to Utrust, enabling the exchange to provide crypto-to-crypto swaps, transfers to wallet addresses, as well as custody and storage of private keys, a part from providing a fiat on-ramp. Bison Bank has also been granted an all-categories license. 

Portugal has reportedly been gathering a reputation of a crypto friendly territory and a crypto tax haven. Crypto is exempted from capital gains or personal income taxes unless it’s an individual’s sole income, as Portugal views crypto as a form of payment or currency, not an asset.

In April 2020, the nation reportedly worked on plans which saw the creation of Technological Free Zones (ZLTs), aspects where companies are able to run trials for products and services, with the nation outlining that it was looking at testing blockchain as part of its digital transformation plan.