Portugal-based financial institution Bison Bank has received a license from the country’s central bank, Banco de Portugal, to operate as a Virtual Asset Service Provider (VASP), the Central Bank of Portugal announced.
Therefore, Bison Bank will create a special business unit, Bison Digital Assets, to operate as a virtual asset exchange.
The Bison Digital Assets division is the first bank-owned entity in Portugal to be authorized by the Bank of Portugal to provide cryptocurrency trading and custody services. As such, it became the first traditional bank in the country to also become a cryptocurrency bank and received a “green light” from the regulator.
The Portuguese branch of Bison Bank, a bank owned by a group of Chinese private capital from Hong Kong, will be able to offer the same services as a traditional bank but adapted to the world of cryptocurrencies, starting April 14. Its new campaign will be open to retail and institutional clients, but with a focus on high-net-worth clients.
The services it can provide include the exchange of cryptocurrencies with fiduciary currencies, transactions between cryptocurrencies such as bitcoin to ether, the storage and deposit of these digital currencies in bank accounts, and even transactions between cryptocurrencies. account.
According to its website, Bison Bank provides wealth management, deposit, and investment banking services to both individual and institutional clients.
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