Portugal’s Bison Bank is the first in the country to receive a crypto license

Customers will be offered a new and broader set of products and services that meet their needs in financial and virtual assets

15.04.2022 - 14:15

367

1 min

What’s new? The Central Bank of Portugal (Banco de Portugal) has granted the country’s first license to Bison Bank to operate as a crypto bank. The bank has been granted permission to launch a special company, Bison Digital Assets, which will provide custodial and exchange services of cryptocurrencies, Sapo reports.

Information on the Sapo website

What is the special feature of Bison Digital Assets? . Bison Digital Assets will target institutional investors, but the company has not yet disclosed which cryptocurrencies will be offered.

Under regulation by the Central Bank, Bison Digital Assets will comply with anti-money laundering (AML/CFT) requirements. The regulator does not extend oversight to the areas of prudential regulation or market conduct of crypto service providers.

What had happened before? In March, the Bank of Russia included SberBank in the register of information system operators on the management of digital financial assets. Sber is now licensed to issue and exchange cryptocurrencies on its blockchain platform. According to Sergey Popov, director of the Transaction Business Division of SberBank, this move should cushion the impact of Western sanctions on the Russian economy.

Author: