One of the largest Banks in Russia, Gazprombank, is going to test cryptocurrency solutions in Switzerland. The bank explained that they had an important demand from users and they want to give a proper devolution to them. Due to the flexible Swiss legislation, a subsidiary agency of the bank will be testing these crypto-related pilots.
Gazprombank Cryptocurrency Pilots
According to local media, the bank will be testing some cryptocurrency pilots in order to meet the demand of some important clients. Alexandr Sobol, deputy chairmen of the board, explained that there is an important demand from large clients and that they will be working in order to give them a service back.
Apparently, the intention is to build something at a small scale before releasing the product to other countries or for other clients. As this is a testing phase, the product will be evaluated with a small, but important, group of investors from the bank.
The location has not been chosen randomly. Switzerland is one of the most cryptocurrency-friendly states in the world and in Europe. They have flexible regulations and an attractive tax scheme that allows businesses and corporations to settle in the alpine country.
The bank will have to comply with Anti Money Laundering (AML) policies in Switzerland. Even when the nation has open policies towards crypto-related investments, the activities around cryptocurrencies must be controlled. Local authorities are worried that cryptocurrencies and blockchain investments could downgrade the reputation of the financial system of the country.
Some time ago, we wrote at UseTheBitcoin that Bitfinex was evaluating the possibility to settle its operations in the Swiss city of Zug. Zug is known as the crypto-valley. Enterprises that decide to operate there have tax reductions and other benefits. Additionally, the city has adopted cryptocurrencies in many different ways. For example, the public transport can be paid using bitcoin.
At the moment, Gazprombank will be operating in Switzerland, but depending on how the regulations will keep developing in Russia, in the future the bank could launch its crypto-related products and services in the Eastern European country.
Images Gazprombank and Wyborcza