Gazprombank, the third-largest bank in Russia, has had its Zurich-based subsidiary reportedly be approved by Switzerland’s Financial Market Supervisory Authority, or FINMA, for the offering of a number of crypto-related services. On Thursday, Gazprombank stated that these services include crypto custodianship alongside the trading of fiat and cryptocurrencies.
An Array Of New Services
Roman Abdulin stands as the CEO of the Swiss subsidiary of Gazprombank. In a statement, he made it clear that the FINMA authorization stands as a critical milestone for Gazprombank as a whole. Abdulin further highlights that the bank anticipates that digital assets will become more and more important for the global economy, including Gazprombank’s current and potential clientele.
The official statement detailed that these new services include crypto storage solutions deemed to be institutional-grade. Alongside this, the Swiss subsidiary will offer the selling and purchasing of Bitcoin. Gazprombank has made it clear, however, that it plans to expand its service offerings to other cryptocurrencies, offering other services and products to boot.
Some Terms And Conditions Apply
The bank subsidiary made it clear that these new services will only be initially available to a select number of its institutional and corporate clients, having already undergone a “stringent” process for evaluation.
The bank explained that the counterparty risk in these services is limited, as clients themselves gain access to crypto liquidity, and the custodianship of cryptocurrencies is handled through a regulated Swiss bank.
Switzerland’s Push To Modernized In The Financial World
Switzerland has historically been ahead of its peers when it comes to regulatory support, this time for cryptocurrency adoption, as well. FINMA’s approval of Gazprombank, allowing it to provide crypto-related financial services, stands as a testament to the Blockchain Act, a set of corporate and financial law reforms that occurred in September.
It was reported by SwissInfo that the act itself was utterly unopposed in the House of Representatives, and will probably come into effect by early 2021.
Back when the Blockchain Act had passed, the President of the Swiss Blockchain Federation, Heinz Tännler, stated that Switzerland would have one of the most advanced regulatory frameworks the world has to offer by next year.
Switzerland has historically been a financial hub for the world, and it seems that the country is eager to maintain this. In time, Switzerland will be at the forefront of the crypto-financial world, potentially competing with the likes of China.