A wholly-owned subsidiary of Russia’s Gazprobank has obtained regulatory approval to launch institutional currency services.
According to the official announcement, with the authorization of the Swiss Financial Market Supervisory Authority (FINMA), Gazprobank will be able to provide its corporate and institutional customers with cryptocurrency services and transactions between crypto and legal currencies.
Roman Abdulin, the bank’s chief executive, predicts that digital assets will become increasingly important in the global economy, especially for its current and potential customers.
Abdulin claimed that the authorization of the Swiss regulator FINMA was a very important milestone and added that
“We are committed to continuous financial innovation and strive to provide our customers with the highest quality banking services.
Our blockchain solution provides uncompromising security and ease of use. After years of professional development, we are very happy to be able to use our first-class industry knowledge to provide these services to our customers. “
To ensure compliance with Swiss anti-money laundering and KYC regulations, Gazprombank has adopted a “specially designed” due diligence procedure to enhance security.
Abdulin further stated,
“Gazprombank is very pleased to contribute to the development of the Swiss and global cryptocurrency and blockchain ecosystems. As a financial institution regulated by FINMA, we are confident that we can increase the value of participants by increasing the trust of participants, whether in Institutional custody is still between trading partners. Our goal is to set a new benchmark in institutional customer service.”
Since 2018, Gazprombank has been preparing to launch encryption services in Switzerland. It also cooperates with cryptocurrency custody solutions company Metaco and financial technology company Avaloq. In April 2019, its parent company and Russian gas giant Gazprom established a blockchain platform to digitize the natural gas supply process.
Image source: Gazprombank
Author Amy Liu
