The Zurich-based subsidiary of Gazprombank, which is the third-largest financial institution in Russia, has reportedly been accredited by the Swiss Financial Market Supervisory Authority (FINMA) to start providing plenty of cryptocurrency-related companies. Gazprombank stated on Thursday that this consists of “custody of cryptocurrencies as well as trading between crypto and fiat currencies.”
Roman Abdulin, the chief government of Gazprombank’s Swiss subsidiary, stated that “the authorization by the Swiss regulator FINMA marks a very important milestone for Gazprombank,” and that the financial institution “expect[s] digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele.”
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Indeed, in accordance to an official announcement, “the new services will include institutional-grade storage solutions and the purchase and sale of bitcoin.” However, Gazprombank plans to “gradually expand the offering to include additional cryptocurrencies and other products and services.”
After present process a “stringent evaluation process,” the financial institution additionally stated that the brand new companies will initially be solely out there to a restricted collection of its company and institutional shoppers
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“The clients get access to cryptocurrency liquidity, while the safekeeping of the cryptocurrencies is taken care of by a Swiss regulated bank,” the financial institution stated, including that “the counterparty risk is limited.”
Switzerland May Lead the Global Pack in Terms of Cryptocurrency Regulations
Switzerland has lengthy been forward of the curb when it comes to regulatory help for cryptocurrency adoption.
In truth, FinMA’s approval of Gazprombank as a crypto-related monetary companies supplier follows the passage of a wide-ranging set of monetary and company regulation reforms in September often known as the ‘Blockchain Act’.
SwissInfo reported that the act “sailed through the House of Representatives unopposed in the summer,” and it’ll probably to come into impact early in 2021.
When the Blockchain Act was handed, Heinz Tännler, President of the Swiss Blockchain Federation, stated that “as of next year, Switzerland will have a regulatory framework that is among the most advanced in the world.”