Top-tier, private-owned Russian bank Gazprombank has reportedly obtained regulatory greenlight to roll out custodial offerings for crypto, through its Switzerland-based subsidiary. 

Specifically, the bank has reportedly been successful in acquiring the regulatory greenlight from the entity in charge of regulations of the nation – the Swiss Financial Market Supervisory Authority, consequently allowing it to make crypto custody and trading services available for its institutional and corporate customers. 

The services will reportedly be rolled out in an exclusive manner to a chosen group of clients in the initial phase, where Bitcoin (BTC) will be the only facilitated digital coin. 

Gazprombank looks to gradually roll out support for extra digital coins as it operates, together with other different products and services.

“We expect digital assets to become increasingly important in the global economy and, in particular, for our current and potential clientele.” Head of Gazprombank, Roman Abdulin, reportedly remarked regarding the development. 

Functioning as an establishment with sufficient regulations, Gazprombank will reportedly be required to stay in compliance with Swiss Anti-Money Laundering and Know Your Customer laws and regulations, together with finalizing its implementation of its own due diligence procedures and software. 

Gazprombank Switzerland reportedly operates as a registered banking institution in the country, entirely owned by Russia-headquartered Gazprombank. The preparation for releasing crypto services has been ongoing since 2018.