Gazprombank's Swiss branch will offer “custody of cryptocurrencies as well as trading between crypto and fiat currencies."
The Zurich-based subsidiary of Gazprombank, which is the third-largest bank in Russia, has reportedly been approved by the Swiss Financial Market Supervisory Authority (FINMA) to begin offering a number of cryptocurrency-related services. Gazprombank said on Thursday that this includes “custody of Cryptocurrencies as well as trading between crypto and fiat currencies.”
Roman Abdulin, the chief executive of Gazprombank's Swiss subsidiary, said that "the authorization by the Swiss regulator FINMA marks a very important milestone for Gazprombank," and that the bank “expect[s] digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele.”
Indeed, according to an official announcement, “the new services will include institutional-grade storage solutions and the purchase and sale of bitcoin." However, Gazprombank plans to “gradually expand the offering to include additional cryptocurrencies and other products and services.”
After undergoing a "stringent evaluation process," the bank also said that the new services will initially be only available to a limited selection of its corporate and institutional clients
“The clients get access to cryptocurrency liquidity, while the safekeeping of the cryptocurrencies is taken care of by a Swiss regulated bank,” the bank said, adding that “the counterparty risk is limited.”
Switzerland May Lead the Global Pack in Terms of Cryptocurrency Regulations
Switzerland has long been ahead of the curb in terms of regulatory support for cryptocurrency adoption.
In fact, FinMA’s approval of Gazprombank as a crypto-related financial services provider follows the passage of a wide-ranging set of financial and corporate law reforms in September known as the 'Blockchain Act'.
SwissInfo reported that the act “sailed through the House of Representatives unopposed in the summer,” and it will likely to come into effect early in 2021.
When the Blockchain Act was passed, Heinz Tännler, President of the Swiss Blockchain Federation, said that “as of next year, Switzerland will have a regulatory framework that is among the most advanced in the world.”
The Zurich-based subsidiary of Gazprombank, which is the third-largest bank in Russia, has reportedly been approved by the Swiss Financial Market Supervisory Authority (FINMA) to begin offering a number of cryptocurrency-related services. Gazprombank said on Thursday that this includes “custody of Cryptocurrencies as well as trading between crypto and fiat currencies.”
Roman Abdulin, the chief executive of Gazprombank's Swiss subsidiary, said that "the authorization by the Swiss regulator FINMA marks a very important milestone for Gazprombank," and that the bank “expect[s] digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele.”
Indeed, according to an official announcement, “the new services will include institutional-grade storage solutions and the purchase and sale of bitcoin." However, Gazprombank plans to “gradually expand the offering to include additional cryptocurrencies and other products and services.”
After undergoing a "stringent evaluation process," the bank also said that the new services will initially be only available to a limited selection of its corporate and institutional clients
“The clients get access to cryptocurrency liquidity, while the safekeeping of the cryptocurrencies is taken care of by a Swiss regulated bank,” the bank said, adding that “the counterparty risk is limited.”
Switzerland May Lead the Global Pack in Terms of Cryptocurrency Regulations
Switzerland has long been ahead of the curb in terms of regulatory support for cryptocurrency adoption.
In fact, FinMA’s approval of Gazprombank as a crypto-related financial services provider follows the passage of a wide-ranging set of financial and corporate law reforms in September known as the 'Blockchain Act'.
SwissInfo reported that the act “sailed through the House of Representatives unopposed in the summer,” and it will likely to come into effect early in 2021.
When the Blockchain Act was passed, Heinz Tännler, President of the Swiss Blockchain Federation, said that “as of next year, Switzerland will have a regulatory framework that is among the most advanced in the world.”
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
ASIC Scores Legal Victory: BPS Financial Found Guilty in Qoin Wallet Case
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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