Portugal issues first virtual asset service provider bank licence

by: Dynasty GI2022-04-15
Portugal-based Bison Bank is the first to be issued a licence to operate as a virtual asset exchange, allowing it to offer custodian and crypto trading services. The bank, owned by a Hong Kong-based private capital group, provides wealth management and investment services for private and institutional clients.
In March, Portugal’s central bank, Banco do Portugal, granted the country’s first full VASP (virtual asset service provider) to Utrust, a local on-chain crypto payments firm. The moves come as Portugal started attracting the attention of crypto investors, with some relocating to the country, thanks to its current digital asset tax policies.

Currently, Malta and Portugal are the only EU countries that do not tax capital gains made from selling cryptos on a personal capacity, whilst it does tax similar transactions made on a professional capacity. However, market watchers expect that the Portuguese authorities will close this fiscal loophole as early as next year, aligning cryptocurrencies with other investments such as stocks.

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