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Gazprombank provides cryptocurrency management services in Switzerland

October 30, 2020

The great Russian private bank, Gazprombank has received regulatory approval to launch cryptocurrency management services through its Swiss subsidiary.

According to a display officially on October 29th, The bank received approval from the country’s financial supervisory authority, the Swiss Financial Market Authority, to offer its institutional and corporate clients services for the custody and trading of crypto assets.

First, the offers are restricted to a selected group of customers Bitcoin (BTC) as the only supported cryptocurrency. Gazprombank plans to gradually expand its offering to include additional cryptocurrencies and other related products and services.

Gazprombank provides cryptocurrency management services in Switzerland
Gazprombank provides cryptocurrency management services in Switzerland

The CEO of Gazprombank, Roman Abdulin He said, “We expect digital assets to become increasingly important in the global economy and especially for our current and potential customers.”

As a regulated company Gazprombank must comply with Swiss laws and regulations against money laundering and know your customers. In addition to implementing your own due diligence software and procedures.

Gazprombank Switzerland is a Swiss registered bank that is 100% owned by Russia-based Gazprombank. The bench prepares for takeoff Crypto Asset Services in Switzerland since 2018.

While Russian banking institutions use the cryptocurrency markets abroad, The Russian government is not very friendly to the nation’s major cryptocurrencies. Earlier this month Anatoly Aksakov, Member of the State Duma of Russia and chief representative of the legislative efforts related to cryptocurrencies in Russia, argued that decentralized cryptocurrencies like Bitcoin have no future.