Bison Bank is the first bank to be able to transact cryptocurrencies in Portugal

Deepak Gupta April 15, 2022
Updated 2022/04/15 at 5:30 PM

While we are witnessing an increasing dissemination and awareness of cryptocurrencies, many companies and entities continue to implement changes to embrace this technology as far as possible and feasible, given the scarcity of existing regulations.

In this sense, according to the latest news, Bison Bank has now become the first bank authorized by Banco de Portugal to transact cryptocurrencies in Portugal.

Bison Bank: the 1st bank to transact cryptocurrencies in Portugal

According to the information disclosed, the Bison Bank obtained the necessary authorizations from Banco de Portugal to transact cryptocurrencies in our country. The bank, which owned the former Banif - Banco de Investimento, achieved this power through the company Bison Digital Assets.

The announcement was made this Thursday (14) by Bison Bank through a statement, where it is informed that the Bank of Portugal has authorized Bison Digital Assets to operate the 'exchange' activity of digital currencies in our country. In this way, Bison Bank thus becomes the first traditional bank that can now also transact cryptocurrencies in Portugal, with authorization from the regulatory authority.

As of yesterday, the Portuguese branch of Bison Bank has the capacity and conditions to offer the same services as a normal traditional bank, but adapted to the cryptocurrency market. The services will be available to retail customers and also to institutions, with special attention given to customers with strong assets.

In the statement, the bank states that Bison Digital "is fully owned by Bison Bank, SA, thus offering its customers and partners a new and broader set of products and services that, in line with market trends and demand in this new segment, match their global needs present in financial and virtual assets, through a regulated and secure platform, and preparation for the future".

Cryptocurrencies image

The bank's new services include exchanging cryptocurrencies with each other or for fiat currencies, storing and depositing digital currencies in a bank account and transacting them between different accounts.

According to CNN Portugal, the request for approval from Bison Bank was made six months ago, with the effective approval only taking place on the last possible day by the Bank of Portugal. Until then, the regulatory authority had approved four companies with the objective of operating only with crypto assets, which are Mind The Coin and Utrust, based in Braga, Luso Digital Assets, located in Funchal, and Criptoloja, from Lisbon, which in however it was sold to the Brazilian 2TM.

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