Bison Bank becomes the first Portuguese bank to offer crypto services
The Banco de Portugal or the Central Bank of Portugal has confirmed that it will give Bison Bank the authority to provide crypto services to its customers, as per the reports from local media. The bank will now act as a virtual asset service provider and is the first bank to receive this confirmation from the Banco de Portugal.
Bison Bank is now a VASP
Following the approval from the Banco de Portugal, the Bison Bank is now the fifth officially licensed VASP in the nation as it was added to the list under "Bison Digital Assets." The Bank was formerly the investment bank of Banif which was acquired by the Chinese group Bison in 2018. It is also important to note here that Bison Digital Assets will be a new firm "creating the first entity in Portugal owned by a bank and authorized by the banking supervisor to hold and enable cryptocurrency trading."The reports from local media also stated:
By entering the disruptive business of digital assets, the company [Bison Digital Assets] says it will offer its customers “a new and broader set of products and services that, in line with market trends and demand in this new segment, match their needs.Bison Bank now aims to 'prepare for the future with the help of "a regulated and secure platform," revealed the media reports.
Portugal removes income tax for BTC investors
Following the steps of El Salvador, Portugal aims to become a tax haven for Bitcoin and cryptocurrency investors. While countries like India have imposed a whopping 30% tax on cryptocurrencies, Portugal has removed income tax for Bitcoin investors, confirmed the President of Portugal's Madeira region, Miguel Filipe Machado de Albuquerque, in a previous report from Cryptonary."I believe in the future and I believe in Bitcoin,” said President Machado de Albuquerque. "Individuals in Madeira that buy and sell bitcoin ... don't pay taxes. They’re not subject to personal income taxes.”
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