Russia’s Gazprombank gets green light for crypto custody in Switzerland
Russian banks tap Bitcoin services abroad while the government at home sees no future for private cryptos. Major private-owned Russian bank Gazprombank has received regulatory approval to launch cryptocurrency custody services through its Swiss subsidiary.According to an official announcement on Oct. 29, the bank scored approval from the country's financial regulator, the Swiss Financial Market Supervisory Authority, to offer crypto custody and trading services to its institutional and corporate clients.Offerings will initially be restricted to a select group of customers with Bitcoin....
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Zurich-based Gazprombank, a subsidiary of Russia’s third-largest bank, has been approved by Switzerland’s financial regulator to offer a number of cryptocurrency services, including the buying, selling, trading, and custody of bitcoin. Gazprombank Approved to Offer Bitcoin Services Gazprombank (Switzerland) Ltd. announced Thursday that it has received authorization from the Swiss Financial Market Supervisory Authority (FINMA) to provide cryptocurrency services. The Zurich-based bank is wholly owned by Russian Gazprombank. The parent company is the third-largest bank in Russia....
Gazprombank (Switzerland) has been authorized by FINMA to launch institutional cryptocurrency services in Switzerland.
The Switzerland-based branch of a major Russian bank has also joined OpenVASP. Gazprombank Switzerland, a subsidiary of one of the largest banks in Russia, has piloted its Bitcoin (BTC) transaction service following regulatory approval by Swiss regulators.According to a Nov. 19 announcement, Gazprombank will provide its new cryptocurrency solution in collaboration with its long-running partners like fintech firm Avaloq and crypto custody provider Metaco.Gazprombank Switzerland CEO Roman Abdulin said that the new service intends to make crypto transactions “as easy as transactions with....
The draft bill comes after the government gave the green light to Bitcoin regulation, disregarding the Bank of Russia’s concerns.
The regulated Swiss bank said it is working on developing a standard for cryptocurrency payments between members of the OpenVASP association.