Bison Bank, a Portugal-based financial institution, has received a license from the Portuguese central bank (Banco de Portugal) to operate as a virtual asset service provider (VASP), Banco de Portugal announced Thursday.

Bison Bank will create a special business division, Bison Digital Assets, to operate as a virtual asset exchange, according to Portuguese media outlet Sapo.The division is the first entity in Portugal owned by a bank to be authorized by Banco de Portugal to offer custodian and crypto trading services.Bison Bank provides wealth management, depositary and investment banking services to individuals and institutional clients, according to its website. It is owned by private Chinese capital from Hong Kong.In March, Banco do Portugal granted the first full all-categories VASP license to Utrust, a Portugal-based on-chain crypto payments firm.Last June, it licensed two cryptocurrency exchanges, Criptoloja and Mind The Coin, to operate as VASPs. The bank also granted a crypto exchange license to Luso Digital Assets.