Gazprombank Swiss has finally received FINMA to provide custody of cryptocurrencies

The Zurich-based subsidiary of Gazprombank has received regulatory approval to launch cryptocurrency custody services through its Swiss subsidiary from the Swiss Financial Market Supervisory Authority (FINMA). The move is the result of a more than two-year push.

The Swiss-based subsidiary of a bank that belongs to Russia’s largest state-owned energy corporation, Gazprom, has been granted regulatory approval to roll out its crypto offering to institutional customers.

“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. We are very pleased to be able to offer these services to our clients after years of professional development using top industry know-how. The authorization by the Swiss regulator FINMA marks a very important milestone for Gazprombank”, said CEO Roman Abdulin.

The bank said it applies “specially designed” due diligence procedures to add security and ensure compliance with Swiss anti-money laundering and know-your-customer rules.

Last year, the bank and its parent firm, Gazprom, also said they had built a blockchain platform for executing business contracts and that it would soon be used digitize the gas supply process.

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