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Posts published in November 2020

Russia’s Gazprombank Gets Green Light For Crypto Custody In Switzerland

In the Russian banks, access to the bitcoin services is seen abroad. On the contrary, the government is not hoping for any future with cryptos linked to remote operations. 

In the Russian light came a private-owned Gazprombank. The Russian bank attained approval for the regulation of services involving crypto custody from the subsidiary Swiss.

On 29 October, an official statement got announced. As per the announcement, the bank obtained approval from the SFMSA (Swiss Financial Market Supervisory Authority), the country’s regulator of finance, to provide the custody involving crypto and other trading services to the corporation and institutional clients.

In the offering service, a restriction is under existence. It is known that offerings will limit only a specific customer group holding BTC as the sole cryptocurrency support. As per the updates, Gazprombank plans to expand the offering related to other cryptocurrencies and other products or services.

Roman Abdulin (CEO of Gazprombank) came with a statement: “We are expecting that the digitally stored assets turn into a vitally important part in the globally operating economy. We also expect the assets stored digitally to be important for the potential as well as current clients.”

Being a part of the world and operating as a regulatory authority, Gazprombank needs to comply with the laws stated within Know your customer and Swiss Anti-money laundering regulations. Apart from the diligence software and procedure implementation, Gazprombank needs to comply with the regulatory rules. 

Gazprombank Switzerland operates as a registered bank of Swiss under 100% regulation by Gazprombank of Russia. Since 2018, the bank is making preparations to release the operation of services involving cryptocurrency in Switzerland. The Russian-based bank obtained a green light in Switzerland for operating services, including crypto custody. Not much familiarity with crypto is seen in the home country, but the banking institutions are in many talks about crypto market operations abroad.

Even when the Russian banks are paying interest to cryptocurrency markets in abroad regions, the Russian government is not friendly with specific crypto markets in the home nation. Russia is not switching to cryptocurrencies for general usage in the home country and not committing to a long-term crypto future. In a recent update, Anatoly Aksakov (Russian State Duma member and representative of legislation for Russian crypto matters) got indulged in an argument over cryptocurrencies like the decentralized Bitcoin. Aksakov made a statement that such cryptocurrencies don’t hold any future in the market.