Switzerland: Major Russian Bank Gets Crypto Custody Approval from FINMA

Major private-owned Russian bank is going all-in on Bitcoin.

Gazprombank Bets Big on Bitcoin

In a major bullish development for the wider cryptocurrency market, major private-owned Russian bank Gazprombank recently received the regulatory green light to launch cryptocurrency custody services via its Swiss subsidiary.

According to the official press release, a fully licensed Swiss financial institution – Gazprombank (Switzerland) Ltd., has received the regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA) to offer digital currency bank accounts to corporate and retail clients.

Per sources close to the matter, the newly launched offering will provide institutional-grade storage solutions and the purchase and sale of bitcoin (BTC). The Russian bank plans to gradually expand the offering to include more options in terms of cryptocurrencies and other products and services.

Commenting on the development, Gazprombank CEO, Roman Abdulin, noted:

“We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele. Being committed to continuous financial innovation, we strive to offer our clients advanced banking services at the highest level of quality. Our blockchain solution provides uncompromising security as well as ease of use.”

Adding:

“We are very pleased to be able to offer these services to our clients after years of professional development using top industry know-how. The authorization by the Swiss regulator FINMA marks a very important milestone for Gazprombank.”

Notably, Gazprombank’s new crypto offerings will bring a slew of benefits for its clients. First, all clients will receive uninterrupted access to cryptocurrency liquidity. Second, the safekeeping of digital assets will be taken care of by a Swiss regulated bank. Lastly, the service will also vastly mitigate all counterparty risk.

In addition, the bank will also ensure it duly complies with all the Swiss anti-money laundering and know-your-customer laws and regulations, the press release notes.

Switzerland Becoming Global Crypto Hotspot

From a regulatory point of view, it would seem the Swiss are more than keen on becoming the global hotbed for everything crypto.

As previously reported by BTCManager, a major Swiss insurance firm had introduced the option to pay in bitcoin (BTC) and ether (ETH) for its policyholders.

More recently, the Swiss parliament approved government legislation to update the nation’s existing corporate and financial laws to incorporate cryptocurrency and the underlying blockchain technology.

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