Regulation approval given to the Russian based Gazprombank for a crypto custody in Switzerland

Quick take

1 minute read

• Earlier this year, Gazprombank was given the green light for approval to help its launch a crypto service through its subsidiary based in Switzerland. 

• According to the official announcement, the bank was able to receive approval from the financial regulator in the country, the Swiss financial market supervisory authority. 

Earlier this year, a privately-owned Russian bank known as Gazprombank was given the green light for regulatory approval to help its launch a crypto custody service through its subsidiary based in Switzerland. According to the official announcement released at the end of October, the bank was able to receive approval from the financial regulator in the country, the Swiss financial market supervisory authority. This will help them offer crypto custody and trading services to their clients from all over the world whether they be corporate or institutional.

The chief executive officer of the Russian bank, Roman Abdulin said:

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

Given that it is a regulated body, Gazprombank is going to need to follow the ruling lines to comply with the anti-money laundering and know your customer laws and regulations integrated in Switzerland. Gazprombank Switzerland is a registered bank in the country which is 100% owned by the Russian-based Gazprombank (yes, can be a bit confusing!). 

For nearly 2 years now, the bank has been getting ready to launch its services related to cryptocurrency, and now things are on the move.

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