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Gazprombank Switzerland, a branch of one of the largest banks in Russia, piloted its Bitcoin (BTC) transaction service following approval from Swiss regulators.
According to a November 19 announcement, Gazprombank will provide its new cryptocurrency solution in partnership with its longtime partners such as fintech firm Avaloq and cryptocurrency provider Metaco.
Gazprombank Switzerland CEO Roman Abdulin said the new service intends to make crypto transactions “as easy as traditional asset transactions”, stating:
“Digital assets will become increasingly important to our customers and the global economy. We are delighted to partner with leading Swiss-based entities to further develop the Swiss and global cryptographic and blockchain ecosystem. “
Coinciding with the debut of its first BTC transactions, Gazprombank Switzerland also announced that the bank has joined OpenVASP, a leading industry association focused on regulatory compliance for virtual asset service providers, or VASPs.
Launched at the end of 2019, OpenVASP intends to help VASPs comply with the so-called “travel rule” introduced by the Financial Action Task Force. According to the announcement, Gazprombank Switzerland is the first banking institution to join OpenVASP alongside major industry companies such as Swiss cryptocurrency broker Bitcoin Suisse and local crypto bank Sygnum.
The latest news from Gazprombank Switzerland comes shortly after the bank gained approval from the Federal Financial Market Supervisory Authority to offer cryptocurrency custody and trading services to its institutional and corporate clients at the end of October 2020. 100% owned by Gazprombank, based in Russia, Gazprombank Switzerland has been preparing to launch crypto services in Switzerland since at least 2018.
Gazprombank isn’t the only Russian bank piloting cryptography and blockchain services overseas. In September 2020, Sberbank, the country’s largest state-owned bank, joined a blockchain-based platform to finance commodities trading through its Swiss branch.
While Russian banks are rushing to debut crypto services overseas, Russian lawmakers continue to introduce further limits to the cryptocurrency industry. In addition to officially banning cryptocurrency payments in 2021, Russian authorities also want to introduce prison sentences for failing to report annual crypto transactions of around $ 600,000.
