- FINMA authorizes Russian subsidiary for Bitcoin trading and custody in Switzerland
- Services to include buying, selling, Bitcoin trading, and custody
- Gazprombank to facilitate trading between crypto and fiat currencies
Swiss finances to witness the crypto era by sanctioning institutions to provide cryptocurrency-based services in Switzerland. Swiss-based Russian subsidiary Gazprombank was granted approval by financial bodies in Switzerland for the same. Gazprom is now set to offer a variety of cryptocurrency-related services that include Bitcoin trading and custody in Switzerland.
Announced on 29 October, Gazprombank, located in Zurich, confirmed receipt of approval from the Swiss Financial Market Supervisory Authority (FINMA) to facilitate digital currency trade in the Swiss financial market. Gazprombank is one of Russia’s top 5 financial institutions and the third-largest across Europe based on equity.
Bitcoin trading and custody in Switzerland
Gazprombank is the leading provider of conventional banking products and services to corporal and institute based clients. The approval marks the bank’s crypto authority in the region, and the product portfolio shall witness enhanced features for Bitcoin trading and custody. The bank is likely to offer to trade fiat and other cryptocurrencies.
The announcement included details on the initial implementation phase wherein the mentioned services shall be opened to a specific client base and product line up additions like data storage solutions specific to institutions and trading of Bitcoin (BTC). Long term plans include boarding in other notable cryptocurrencies and related products to its crypto-based services.
The bank outlined the rising significance of digital assets globally and its current and potential client base. The liquidity of digital assets is a growing need for present-term businesses, which the bank intends to fulfill with an added touch of high-end swiss security.
Different banks and governments are jumping onto the cryptocurrency, and central bank digital currency bandwagon in the post-COVID-19 economic landscape and this development marks another milestone in that direction.