By
Chainwire
April 23rd, 2024
With its services regulated in the country, more institutional investors are likely to use the company to access the crypto market.
The Portuguese central bank has granted Bison Digital a license to offer virtual assets services in the country. Bison Digital is a platform for institutional investors that are looking for liquidity in the cryptocurrency market. Following the license approval, Bison Digital is the fifth financial services provider in the country to be registered for virtual asset services.
Among other registered entities include Guimarães & Matosa, Lda., Smart Token, Lda., Luso Digital Assets – Unipessoal, Lda., and Cifralfabeto – Lda.
Notably, the brand name for Bison virtual asset services according to Banco de Portugal is Bison Digital Assets SA.
Indeed, Portugal is determined to attract global crypto investors. And, you should put in mind the country has a zero tax policy on Bitcoin. Thereby attracting crypto investors in Europe and abroad.
Among the authorized activities that Bison Digital can engage in include “exchange services between virtual assets and fiat currencies. Exchange services between one or more virtual assets. Services by which a virtual asset is moved from one address or wallet to another. Services of safekeeping, or safekeeping and administration of virtual assets or of instruments that enable the control, ownership, storage or transfer of such assets, including private encrypted keys.”
With Virtual Asset License Bison Opens Doors for Other Banks in Portugal into the Crypto Market
Although Bison has been regulated as the fifth entity to issue virtual asset services, more banks are expected to follow suit. The country opted to follow the crypto regulations path instead of a ban. Moreover, other global countries like El Salvador have adopted Bitcoin and other cryptocurrencies.
Notably, Bison Digital aggregates liquidity from some of the world’s biggest exchanges, OTC Desks, and other liquidity providers under a single API. Hereby provides institutional investors with the best execution platform.
With its services regulated in the country, more institutional investors are likely to use the company to access the crypto market. Remember institutional investors are always looking for the safest way to invest their capital.
Worth noting, the Portuguese government has closely followed its Chinese counterparts in adopting the blockchain and crypto market. Last year, the Portuguese government announced it was engaging public and private sector businesses along with experts on blockchain technology.
With the final draft on blockchain adoption expected by June, the Portuguese government has set in place measures to emerge a leader in the blockchain industry.
Nevertheless, as a European country, it is subject to EU policies on the crypto market. As a major global economic block, the EU has set policies to enable blockchain development and a healthy crypto market.