Digital asset exchange Binance has become the first crypto company to support the Association of Banks of Russia in efforts devoted to regulating the country’s growing cryptocurrency market. The coin trading platform will also work with authorities in Moscow as they try to adopt rules for the industry.
Binance to Provide Crypto Expertise to Russian Banking Sector and Government
The world’s leading cryptocurrency exchange, Binance, has joined the Association of Banks of Russia (ABR) to share its regulatory experience with Russian financial institutions and government as they tailor their approach to oversight in the crypto space. Announcing the move to local media, its representatives noted that Binance is the first crypto platform to work within the banking industry organization.
The ABR has recently established an Expert Center on Digital Financial Assets and Digital Currencies, tasked to study the global practice of regulating the circulation of crypto assets. The body will also serve as a platform for dialogue between experts in the field of cryptocurrencies and Russian federal authorities and legislators, RBC Crypto reported.
Olga Goncharova, director of government relations at Binance for Russia and the CIS countries, has been appointed to lead the expert center. Binance’s Director for Eastern Europe Gleb Kostarev emphasized that the exchange has a solid track record of working with regulators around the world. He was also quoted as stating:
I am sure that our developments, our expertise will be positively received by the Russian banking community.
In the past few weeks, government officials in Moscow and members of the country’s financial industry have been working hard to fill the gaps in Russia’s regulatory framework remaining after the adoption of the law “On Digital Financial Assets,” which went into force in January of last year.
While Bank of Russia has proposed a blanket ban on a range of related operations, including trading, most other institutions have backed the Finance Ministry’s view that legalization is a better alternative. After the federal government approved its concept, the treasury department is now drafting two laws for the Russian crypto economy.
A report by Kommersant revealed earlier this month that some of the world’s largest cryptocurrency exchanges are ready to work in Russia under the proposed new rules, including a requirement to open a local office or register a Russian legal entity. Binance’s Goncharova told the business daily that the platform supports the government’s regulatory roadmap which, in her words, “will make operations more understandable, transparent, and user-friendly.”
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Do you expect Russian authorities to seek assistance from other crypto businesses in their efforts to regulate the industry? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
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