Swiss authority approves Russian bank’s application to introduce a crypto-money deposit service.


The Swiss-based subsidiary of the Russian bank is ready to offer the custody of crypto money.
This development means that the Swiss government is interested in the crypto currency sector.
Custody of crypto money will allow citizens to buy or sell their digital assets through Gazprombank.

The Russian government seems to disapprove of the introduction of a crypto-money custody service in Switzerland. As a result, some of the private players in the banking sector are dependent on their subsidiaries for the introduction abroad. On October 29, one of the private banks in Russia announced that the Swiss financial supervisory authority had granted them permission to introduce crypto services.

This means that the bank can introduce the crypto-services through its Swiss subsidiary. However, this authorization means that it can offer the services only to corporate and institutional clients. For the time being, the bank will concentrate on offering services to a group of clients and will use only Bitcoin and no other currency.

Gazprombank Swiss is a subsidiary of the Russian Gazprombank. The bank has been planning to launch its crypto services through this subsidiary since 2018, and now it has received the authorization it needs to provide these services.

Gazprombank on the introduction of the crypto-money deposit service

According to Gazprombank, they will start with BTC/USD, but later integrate more crypto currencies and other products and services. In his statement, the bank’s CEO, Roman Abdulin, announced that they have high hopes that the asset will become very important for their potential and current customers as well as for the global economy.

Roman further explained that the bank is regulated in its business activities. Accordingly, they will comply with the rules of Swiss financial regulations. He mentioned that the country has both know-your-customer laws and anti-money laundering regulations that they must adhere to for sustainable operations. He also states that the bank will also introduce due diligence in its procedures and software.

It is no longer a secret that the Russian government is not happy with the large crypto-currency operating in the home country. Let us recall that one of the members of the Russian State Duma and a high-ranking representative of the legislation on crypto-currency has put forward some arguments against crypto-currencies in the country. According to him, there is no future for decentralized crypto-currencies like Bitcoin.

Even in the midst of all the antagonism to decentralized cryptos, the banking institutions in Russia are pushing for crypto markets outside their home country.


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