The bank and its Swiss partners will offer traditional cryptocurrency services. You will join the OpenVASP association to enforce a KYC policy.
The third-largest bank in the Russian Federation, Gazprombank, a subsidiary of the oil company Gazprom, consolidated its first transaction in bitcoins at its subsidiary in Switzerland. The operations will meet all the demands of the Swiss financial system.
Gazprombank launches its first banking services for corporate clients in cryptocurrencies after obtaining a license from the Swiss Financial Market Supervisory Authority (FINMA). The bank’s offering will include accounts, investment management, and custody of cryptocurrency assets.
After long investment plans in the Swiss environment, Gazprom makes an alliance with Avaloq, a Swiss leader in fintech, and with the security company METACO to operate within the open environment for cryptocurrencies in Switzerland.
“Digital assets will become increasingly important to our clients in the global economy. We are happy to work with leaders of Swiss entities in the future development of a Swiss and global blockchain ecosystem. ”
This offer from the bank’s Swiss subsidiary is intended to integrate KYC processes to meet the requirements of the Swiss Financial Market Supervisory Authority, FINMA. That is why Gazprombank has decided to join the OpenVASP Association, an open-source protocol initiative for service and asset providers to maintain a free transmission of their customers’ data between them.
This should create a more secure environment similar to the traditional data transmission that banks usually share and keep with each other. The “travel rule” will exist to stimulate the collection and share of information the suppliers get from their customer’s data. Personal data, if the transaction exceeds 1000 USD, which seeks to maintain an environment more prone to invest in the Swiss ecosystem.
By: Jenson Nuñez.