Chinese apply to Bank of Portugal for licence for first crypto bank
Bison Bank wants to incorporate the crypto asset business of its subsidiary BDA and operate fully as the first crypto bank in Portugal. The central bank has the final say.
The Chinese owners of Bison Bank are going to ask the Bank of Portugal for authorisation to become the first crypto bank to operate in the domestic market. The bank already provides crypto asset services through its subsidiary Bison Digital Assets (BDA), launched in 2023, but now intends to incorporate this business into its activities.
Bison Bank has not commented on these plans, but the merger process through the integration of BDA into the bank, as consulted by ECO, clearly points to this objective.
“Concentrating in a single financial institution will allow for a reduction in operating costs, as well as an affirmation of the bank’s activity in the crypto asset sector, as the first bank in Portugal to operate in this industry”, the project states.
The bank led by António Henriques is moving forward with this plan after the entry into force of the MiCA Regulation, which opened the door to the provision of crypto asset services to financial institutions and whose transposition into national law is awaiting approval in Parliament.
Bison Bank is Banif’s former investment bank. Following the resolution measure 10 years ago, Banif – Banco de Investimento was eventually transferred to Oitante, following the sale of Banif to Santander Totta. In 2018, Bison Capital Financial, which is owned by Bison Capital Holding Company Limited, based in Hong Kong, was sold.
The bank employs 75 people and closed 2024 with profits of €2.5 million, four times more than the previous year. It has more than €3.3 billion in assets under management. BDA has only four employees, including Chief Crypto Officer Ricardo Martins, who will be transferred to the bank after the company is dissolved following the merger.
Bank of Portugal decides twice
For Bison Bank to become the first crypto bank, the Bank of Portugal will have to authorise not only the merger but also grant the bank registration as a crypto-asset service provider under MiCA.
Although BDA has this licence, its registration with the regulator will expire when the company is dissolved. Furthermore, the transposition of the new MiCA regulation will require a new licensing process for companies that are already authorised to operate in the crypto-asset market.
Even so, the bank is optimistic about the synergies that could be achieved with the integration of BDA: “The group’s objective is that, with the merger, the provision of services related to virtual assets, currently carried out by BDA, will be carried out directly by the bank. This will enable the bank to offer its customers a more integrated, robust and efficient service, consolidating the group’s position as a catalyst for the union between financial services and crypto-asset services and a pioneer in the national and European market.”
If the merger goes ahead, all of BDA’s rights and obligations will be transferred to the bank, “including all contractual positions in existing contracts with employees, suppliers and customers, as well as the systems, tools and software used by BDA in its activities”.
“BDA customers will thus become customers of the bank, which will ensure the continuity of BDA’s activities and maintain their business relationships without disruption”, Bison Bank assures.
