Gazprombank ready to launch crypto custody and trading services in Switzerland

Melissa Castillo November 2, 2020 0 Comments

The Russian bank launches itself into the crypto world abroad, but the Moscow government has long been strongly opposed to cryptocurrencies

Russia’s leading private bank Gazprombank, through its Swiss subsidiary, has received regulatory approval for the launch of custody and crypto trading services for institutional and corporate clients: according to an official announcement on 29 October, the bank was approved by the Swiss Financial Market Supervisory Authority.

The offers will initially be limited to a selected group of clients and the only crypto supported will be Immediate Bitcoin Scam (BTC). Gazprombank plans to gradually expand its portfolio to include additional cryptocurrency and other related products and services.

Gazprombank CEO Roman Abdulin said:

„We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential customers.“

As a regulated company, Gazprombank will have to comply with Swiss anti-money laundering (AML) and client identification (KYC) laws and regulations, as well as implementing due diligence procedures and specific software. Gazprombank Switzerland is a bank registered in Switzerland, 100% owned by Gazprombank, which is based in Russia. The bank was preparing to launch crypto services in Switzerland as early as 2018.

While Russian banks are taking an interest in the possibilities provided by the crypto world abroad, the government in Moscow is not too friendly with crypto currency within its borders. Earlier this month, Anatoly Aksakov, a member of the Russian State Duma, said that decentralised cryptocurrencies like Bitcoin have no future.