By Shelly Melancon (Switzerland)
Bank of Portugal has issued a crypto license to commercial bank Bison to function as a virtual currency service provider. With this, Bison becomes the first bank in Portugal to be given the go-ahead to run such a service. Based on local media reports, Bison will offer virtual currency services to high-profile traders.
On April 14, the top Portuguese financial regulator updated its list of digital currency providers, with the addition of Bison Digital Assets. The exchange will be supervised under Bison Bank, making it the fifth digital asset exchange in the country to receive approval.
Portugal’s Cryptocurrency Regulatory Laws
Last April, Portugal set up laws to oversee virtual asset exchanges. The rules allowed the central bank to grant approval to exchanges. Two months after, the apex bank granted approval to Mind The Coin and Criptoloja exchanges – the first set of digital currency service providers to run in the jurisdiction.
However, the Utrust was the first to be granted an “all categories” virtual currency SP authorization by the financial regulator. The approval allowed Utrust to execute coin swaps, facilitate transfers to wallet addresses, and offer custodial and on-ramp services.
Also read:Portugal Becomes a Crypto-Friendly Jurisdiction for Pro-Bitcoiners
Portugal is one of those countries with flexible crypto rules globally. In addition, it has become a tax refuge for crypto dealers. As of this publication, the sunny nation charges no capital gains or taxes on personal income. It labels digital currencies a legal tender and not an asset as other countries consider. Therefore, not taxable.
Switzerland occupies the top spot as the most crypto-friendly nation in Europe, but Portugal is not far off. The country has created a thriving environment for bitcoin owners and the crypto community. Based on findings, some Portuguese already pay for their bills in crypto, while the rate of merchants accepting BTC is increasing daily.
In Q2 of 2020, Portugal showed it was ready to embrace blockchain technology by unveiling plans to set up Technological Free Zones. These are areas where firms can test their newly launched products and services. The nation said it aimed to transform the digital landscape by integrating blockchain.
Last year, Portugal disclosed it has collaborated with businesses in the public and private sectors to form a body to develop a strategy to implement blockchain. Since then, the body has been investigating how Portugal can integrate the technology without any setback.
The government anticipates the submission of the draft later this month, with the final report coming in June. Experts say Portugal’s stance on crypto is unlikely to change for now, especially as it’s on the verge of carving a name for itself in the crypto world.
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