Russian private Gazprombank has received government approval to launch cryptocurrency storage services through its Swiss subsidiary.
According to an official announcement on October 29, the bank received approval from the country’s financial regulator, the Swiss Financial Markets Authority, to offer cryptocurrency storage and trading services to its institutional and corporate customers.
To begin with, offers will be limited to a specific group of customers with Bitcoin (BTC) as the only supported cryptocurrency. Gazprombank plans to gradually expand its offering to include more digital currencies in addition to other related products and services.
“We expect digital assets to become increasingly important in the global economy, and especially for our existing and potential customers,” said Roman Abelin, CEO of Gazprombank.
As a regulated entity, Gazprombank will be required to comply with Swiss anti-money laundering laws and regulations and to know the customer, as well as to implement its own procedures and due diligence programs.
Gazprombank Swiss is a registered Swiss bank, 100% owned by the Russian company Gazprombank. The bank has been preparing to launch crypto services in Switzerland since 2018.
While Russian banking institutions use cryptocurrency markets abroad, the Russian government is not very friendly with large cryptocurrency baskets at home. Earlier this month, Anatoly Aksakov, a member of the Russian State Duma and the main spokesman for Russian cryptography-related legislation, claimed that decentralized cryptocurrencies such as Bitcoin have no future.