Russian Gazprombank Considers Crypto Trading Services Offering

According to the deputy chairman of Gazprombank, Alexander Sobol, Russian Gazprombank considers crypto trading services offering. Mr. Sobol has stated that his team is “trying to follow the situation actively.”

3 April, AtoZForex – The third-largest government-owned bank in Russia, Gazprombank, considers enabling its wealthy clients to trade cryptocurrencies, according to the officials.

Russian Gazprombank Considers Crypto Trading Services Offering

The deputy chairman of Gazprombank, Alexander Sobol has stated that the bank might launch a pilot program in regards to the initiative. The program can be launched as soon as this year, yet, it is still in the planning stages of development.

As of the moment, there is no precise details in regards to the initiative. It is also unclear whether the bank will itself invest in cryptocurrencies or just permit its customers to do so. Mr. Sobol has stated that his team is “trying to follow the situation actively,” as quoted in the local Russian media reports.

He also has been quoted as saying:

” will not be on a grandiose scale, but for . There is a demand from large private clients for such services. Therefore, we are now looking at how we can organize this service for them.”

The planned pilot program will be implemented via a Swiss subsidiary in order to take advantage of Switzerland’s relatively positive regulatory environment. The bank has already commenced the examination of cryptocurrency market.

Cryptocurrency Regulations in Russia

Presently, cryptocurrencies are not regulated in Russia. However, it might be changed soon. The President of Russia, Vladimir Putin, has ordered the State of Duma to vote on cryptocurrency legislation. The regulation framework should be decided upon not later than 1 July.

The legislative officials will consider two draft laws, which would restrict the initial coin offerings and other aspects of the cryptocurrency market.

A number of Russian deputies, along with their leader Anatoly Aksakov, who is the chairman of the State Duma Committee on Financial Markets, have submitted a draft of a federal legislation on initial coin offerings (ICOs) and cryptocurrencies regulations to the State Duma.

According to the official press release from State Duma, the documents on “Alternative Method of Fundraising” and “On Digital Financial Assets” were drafted in accordance with the recent instructions from the Russian President Vladimir Putin. The press release also states that the regulations are set to become law already by the 1st July 2018.

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