Gazprombank is one of the most important banks in Russia. At the moment, it is planning to sign some cryptocurrency-related deals in Switzerland. According to an important spokesperson at the financial institution, the bank is working to accomplish the demand of substantial clients. At the moment, the bank is operating with its subsidiary in Switzerland.
Gazprombank is a state-owned bank that is the third largest in Russia by the amount of assets it has. Now it is trying to conduct some cryptocurrency transactions in order to comply with demanding clients. According to Deputy CEO Alexander Sobol, the bank will be working with these assets using the Swiss-based subsidiary.
“These will be pilot deals, not on large scale. Some substantial private clients have asked for this kind of services,” explained Mr Sobol to Interfax news agency.
In order to meet the demand, the bank is investigating and analysing the market in the Switzerland. It is important to remember that Switzerland has an open policy toward cryptocurrencies and blockchain technology. Indeed, its finance minister wants to transform Switzerland into a cryptocurrency nation.
Banks in Russia have difficulties to develop crypto-related procedures. But now, the bank is trying to follow the latest cryptocurrency developments, explained Sobol.
The bank offers different services including, retail, corporate, investment and depositary services. The intention is to expand its services to cryptocurrency clients that are demanding new products. The bank has also subsidiaries in Belarus and Switzerland, two countries that have very flexible regulations to crypto-related investments.
Anti Money Laundering Regulations in Switzerland
As the bank is working in Switzerland, it will have to comply with the current anti money laundering (AML) rules in the country. Unfortunately, the Swiss Financial Market Supervisory Authority (FINMA), banned Gazprombank to operate in the alpine country.
According to the FINMA, the bank has been included in the Panama Papers revelations and said that the bank breached its own AML requirements.
The country remains an important hub for cryptocurrency investment companies. The lax regulation and crypto-friendly laws that they have, allow these enterprises to settle their operations there.
Other important enterprises like Bitmain and Bitfinex are ready to move their business to the European country. The city of Zug is known as the crypto—valley and it has an important crypto-related life. Blockchain enterprises have better treatment there, and have prepared human resources in order to keep with their operations.
At the same time, in Russia is trying to implement cryptocurrency legislation in its country. The government is debating which regulations to impose, how to deal with illegal activities, and how to tax crypto investments.
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