Cryptocurrency transactions are currently not regulated by Russian law, legislation is currently being developed. According to the representative of the Bank, Switzerland was selected for his “liberal” laws on cryptocurrencies.
Russia’s Gazprombank, the third largest Bank in the country, plans to perform its first test transactions with cryptocurrencies later this year through its subsidiary in Switzerland, Russian media reported. According to the Deputy Chairman of the management Board Alexander Sobol, the Bank does not currently have plans for mass deployment feature, but looking at him due to the existing demand from some of its key customers.
“This is a test sentence. Not large, just for myself. Some of our major clients interested in such services, so we are currently looking for ways to organize it,” said Sobol.
He noted that the Bank has not decided whether he is going to offer such options to their customers or just for their own investments. According to the Deputy Director-General, the Swiss “daughter” was chosen due to the fairly “liberal” legislation in this country in respect of the cryptocurrency. Russia has not, currently, have any laws regulating cryptocurrencies, but their development is underway.
Swiss financial finma market control in the declared on February 1, 2018, a subsidiary of Gazprombank in Switzerland was banned from accepting new private clients because of deficiencies in the organization of activities for prevention of money laundering, which existed between 2006 and 2016. The Bank decided To finma, but noted that a significant part of the period studied in the course of the investigation refers to the time before the Bank was acquired by JSC “Gazprombank” in 2009 and rebranding Gazprombank Switzerland Ltd.
Sourse: sputniknews.com
