Bison Bank was authorized yesterday to offer crypto-custodian and trading services in Portugal.
Bison Bank, una institución financiera con sede en Portugal, recibió una licencia del Banco de Portugal, the country’s central bank, to operate as a virtual asset service provider (VASP), the central bank itself announced yesterday.
In this way, Bison Bank will create a special commercial division, Bison Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Assets, to operate as a virtual asset exchange.
The division Bison Digital Assets is the first bank-owned entity in Portugal authorized by the Bank of Portugal to offer cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. and trading services. It thus becomes the first traditional bank to also become a cryptocurrency bank in the country with“luz verde” of the regulator.
The Portuguese branch of Bison Bank, a bank owned by a group whose Chinese private capital capital is most commonly defined as the large sum of money you would use to invest. comes from Hong Kong, will be able to offer the same services as a traditional bank, but adapted to the world of cryptocurrencies, starting yesterday April 14. Its new activity will be open to retail and institutional clients, but with a focus on high net worth clients.
Crypto service from Bison Bank
Among the services it can provide are the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. of cryptocurrencies for fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currencies, the transaction of cryptocurrencies with each other, such as bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. por ether the form of payment used in the operation of the distribution application platform, Ethereum. for example, the storage and deposit of these digital currencies in a bank account an account is essentially a whose purpose is to track the financial activities of a specific asset/ and even the transaction of cryptocurrencies between several accounts. .
Bison Bank brinda servicios de administración de patrimonio, depositario y banca de inversión a clientes individuales e institucionales, según su sitio web.
In March, the Bank of Portugal granted the first license VASP of all categories to Utrust, a cryptocurrency blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. company based in Portugal.
June 2021, authorized two cryptocurrency exchanges, Criptoloja y Mind The Coin a coin can refer to a cryptocurrency that can operate independently or to a single unit of such cryptocurrency. , to operate as a VASP. It is worth noting that six months later Criptoloja was acquired by the Brazilian exchange Bitcoin Marketplace.
The central bank also granted a cryptocurrency exchange license to Luso Digital Assets.
So, with this addition, the list of entities that can carry out activities related to virtual assets in Portugal increases to five, and of these, only Bison Bank fulfilled the function of a traditional investment bank and also opened doors to cryptocurrency-related activity.
According to the media, the request for approval of Bison Bank was made six working months ago, but it was only yesterday that the Bank of Portugal approved it.
Vale señalar que Portugal es un país criptoamigable. De hecho, many crypto investors and entrepreneurs are moving there, even some refugees from Ukraine and that are related to the world of cryptocurrencies.
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