Bison Bank, the former owner of Banif – Banco de Investimento, has obtained permission from Banco de Portugal to deal with cryptocurrency, through Bison Digital Assets, according to CNN Portugal. Thus becoming the first traditional bank to also become a crypto bank in the country with a “green light” from the regulator.
The Portuguese branch of Bison Bank, which is based in Hong Kong and has links with China, will be able to offer the same services as a traditional bank, but adapt to the world of cryptocurrency, starting Thursday, April 14. Its new business will be open to retail and institutional clients, but with a focus on high net worth clients.
Among the services it can provide are the exchange of cryptocurrencies for fiat currencies, crypto-currency transactions with each other, such as bitcoin against ether, storing and depositing these digital currencies in a bank account and even transaction of cryptocurrencies between several accounts.
With this addition, the list of entities that can carry out activities related to this type of virtual asset increases to five, and among these entities, only Bison Bank has performed the function of a traditional investment bank and has also opened the doors to crypto-related activities.
So far, the four entities approved by Banco de Portugal have been set up with the sole purpose of working with crypto assets. Mind The Coin and Utrust, both located in Braga, Luso Digital Assets, of Funchal, and Criptoloja, based in Lisbon – were simultaneously sold to the Brazilian company 2TM.
CNN Portugal / TVI knows that the request for approval by Bison Bank was made six working months ago and only on the last possible day was it approved by the Bank of Portugal.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
