Portuguese regulator grants first crypto license to a bank

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Great news from Portugal! Portuguese-based bank Bison Bank has become the first bank in the country to be given the green light by the regulator.

In April 2021, laws were established regulating cryptocurrency exchanges to a licensing regime operated by the central bank. Later that year in June, licenses were granted to the exchanges Mind The Coin and Criptoloja, the first two VASPs permitted to operate in the country.

In March 2021, the regulator granted the first “all categories” VASP license to Utrust, allowing the exchange to offer crypto-to-crypto swaps, transfers to wallet addresses, and custody and storage of private keys on top of providing a fiat on-ramp. Bison Bank has also been granted an all-categories license..

 

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The first bank-owned entity in Portugal authorized by the Bank of Portugal for custody and exchange of virtual assets

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I was excited to see this news from Portugal until I read… “The company is newly created to operate under Bison Bank, which is fully held by a Chinese private capital firm based in Hong Kong” My heart breaks every time I think of the people in Shanghai crying out in misery…

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