Binance digital asset exchange has become the first crypto company to support the Association of Banks of Russia in efforts to regulate the country’s growing cryptocurrency market. The coin exchange platform will also work with authorities in Moscow as they try to pass 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 adapt 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 recently established a Center of Expertise on Digital Financial Assets and Digital Currencies, tasked with studying 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 lawmakers, RBC Crypto reported.
Olga Goncharova, Director of Government Relations at Binance for Russia and CIS countries, has been appointed to lead the center of expertise. Binance Director for Eastern Europe Gleb Kostarev pointed out that the exchange has a strong track record of working with regulators around the world. He was also quoted as having said:
I am sure that our developments, our expertise will be welcomed positively by the Russian banking community.
Over the past few weeks, government officials in Moscow and members of the country’s financial industry have been working hard to close gaps in Russia’s regulatory framework that remain after the passage of the “Digital Financial Assets” law, which entered effective January 2019. last year.
While the Bank of Russia proposed a blanket ban on a range of related operations, including trading, most other institutions supported the Finance Ministry’s view that legalization is a better alternative. After the federal government approved its concept, the Treasury Department is currently drafting two laws for the Russian crypto economy.
A Kommersant report revealed earlier this month that some of the world’s largest cryptocurrency exchanges are ready to operate in Russia under 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.”
Do you expect Russian authorities to seek help from other crypto firms in their efforts to regulate the industry? Tell us in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.