When it comes to the acceptance of cryptocurrency, some countries prefer to go the route of sector regulation rather than a rigid prohibition. Portugal is now on the list of countries that have chosen to regulate the sector. He permits the presence of virtual asset providers on his territory and has just granted a crypto license to one of the country's banks. Explications.
Since April 2021, laws have been in place to regulate cryptocurrency exchanges on the Portuguese territory. These laws are part of a licensing system administered by the country's central bank. Licenses were granted to the bourses Mind The Coin and Criptoloja within the same year, namely in June.
Bison Bank just received permission from the central bank to offer digital asset services on the island. These new services will be available through a platform called Bison Digital Assets. Bison Digital Assets will develop under the auspices of Bison Bank, which will become the first financial institution in Portugal to get such a license.
Also, keep in mind that the Bison Bank is entirely owned by a private equity firm with Chinese roots based in Hong Kong. Furthermore, some local media outlets claim that this new cryptocurrency exchange, which is controlled by the bank, would cater more to wealthy investors.
A country that is very interested in the advancement of blockchain technology.
Portugal has always been seen as a welcoming country for cryptocurrency adoption. The country has plans in April 2020 for the creation of franchise zones where businesses may test their products and services. In addition, the government stated that it wanted to test blockchain technology as part of its digital transformation project.
Furthermore, the Portuguese government's desire to better understand blockchain and cryptocurrency technology and use it to its advantage was manifested once again in 2021. During the month of August of this year, the Portuguese government announced that it was hiring public and private companies. This recruitment was aimed at forming a blockchain-based working group.
The committee was tasked with developing a national strategy for the use of blockchain technology. As a result, he looked into how the country might accept the technology as well as the clarification of regulatory requirements. According to the government, a strategy will be released by the end of this month, followed by a final version in June.
Also keep in mind that when it comes to cryptomonnaie income, Portugal does not impose any income taxes on individuals. However, if the cryptomonnaies are the individual's sole source of income, taxes are levied.
The Portuguese central bank has granted a license to a bank that would allow it to provide digital asset trading services. This is a true first in the country, despite the fact that it has always been a strong supporter of digital assets.
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