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Gazprombank gets crypto custody control approval from FINMA

Photo of: Janeth Diamond
by Janeth Diamond

Gazprombank, a fully licensed Swiss Financial Institution has finally received authorization from the Swiss Financial Market Supervisory Authority (FINMA) in order to provide cryptocurrency bank accounts to corporate and institutional clients. Gazprombank is known to provide traditional banking products and solutions to its customers which includes, corporates, individuals, investment funds, and other institutions. Apart from these services, it also now offers safe custody of cryptocurrencies. The service further stretches to trading between crypto and fiat currencies to its clients. The bank offers to its clients the combined knowledge of the Swiss and Russian/CIS corporate and financial markets.

The news of Gazprombank receiving the green signal from the financial authority is surely a major bullish development for the cryptocurrency market. The resources close to the dealings and approval closure says that the newly launched offering by the bank will provide a storage solution of the institutional-grade storage solutions along with the ability to buy and sell Bitcoin. The Russian bank also plans to expand its wings gradually to include more options related to the cryptocurrency market, its products, and services.  

CEO of the bank, Roman Abdulin further 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.”

He further added that the concern is pleased to be offering these services to its clients especially after it has been in the financial markets for so long. With the top industry know-how and expertise, it has now expanded to these markets which hold global importance. 

“The authorization by the Swiss regulator FINMA marks a very important milestone for Gazprombank.”

The new crypto offerings by the bank will bring in many benefits for its clients. The clients will receive a lot of uninterrupted access to cryptocurrency liquidity. Also, the added benefit of digital asset safeguarding will also be offered by the regulated bank which will to a great extent reduce the impact of all the risks associated with counterparties. 

The bank has prepared well for its new services and has ensured its working is in syn with all the regulatory requirements related to KYC and anti-money laundering. The regulatory scene here has been friendly to crypto companies although they have maintained strict controls. Despite that Swiss is becoming the global hub for cryptocurrencies and with such a move it is inching towards even a wider crypto adoption.

Earlier to this news, it also came into being that a Swiss insurance firm introduced a new payment feature which is the option to pay in Bitcoin and ether for its policyholders which is a great move. 

The Swiss Parliament also recently approved government legislation in order to update the country’s existing laws related to the financial sector in order to infuse cryptocurrency and blockchain technology.