Gazprombank is making plans to perform cryptocurrency deals before the year runs out.
One of the largest banks in Russia, Gazprombank, according to a top manager, will attempt to perform cryptocurrency transactions for its customers from its subsidiary in Switzerland. The Deputy CEO of the bank, Alexander Sobol gave away the news during an interview with Interfax news agency.
Pilot Cryptocurrency Deals In Switzerland
Some substantial private clients of Gazprombank requested the bank. To satisfy these clients, the bank decided to make this service available but not on a large scale. The bank is considering the different options available for meeting this demand by studying the opportunities in Switzerland.
However, the comments from the representative show that the bank is yet to develop the cryptocurrency-related procedures. A decision is yet to be made regarding making this service available to every customer. According to Sobol, the management of the bank is actively interested in cryptocurrency developments.
Gazprombank is the third biggest bank in the federation. It offers corporate, retail, depositary, and investment services. It offers settlement and clearing products and deals with forex instruments and securities. Apart from owning shares in three different banks in Russia, Gazprombank has branches in Switzerland and Belarus.
A month ago, the Financial Market Supervisory in Switzerland banned the Switzerland subsidiary of Gazprombank from making new private customers. This was as a result of the deficiencies in anti-money laundering procedures the regulators found. The regulators, after investigation, ruled that the bank breached its AML requirements from the year 2006 to the year 2016.
In 1992, the Swiss subsidiary was founded with the name “Russische Kommerzial Bank AG. After it was acquired by Gazprombank in 2009, it was renamed. The bank’s deals in providing bilateral trade services between Switzerland and Russia. It also provides services for companies in Switzerland that want to invest in Russia.
Although there are no regulations for cryptocurrency in Russia yet, two draft laws have been introduced to set a status quo for the industry.