The digital asset exchange Binance is now the first crypto company that is going to support the Association of banks of Russia in their efforts that are devoted to controlling the country’s cryptocurrency market that is growing fast. This coin trading platform will work with the authorities in Moscow, who will try to adopt new rules for this industry.
The world’s leading exchange Binance will work with the Association of Banks of Russia or ABR to share the regulatory experience with all the Russian financial institutions and governments as they customize their approach to the oversight in this crypto space. The representatives of Binance intimated the local media about this move. Binance is also the first crypto platform to work within this banking industry organization.
The ABR has established an Expert Centre on Digital Financial Assets and Digital Currencies. This is tasked to analyze the practice of regulation of crypto assets. This body will also serve as a platform for any dialogue between experts in the cryptocurrency field and Russian Federal authorities and legislators.
Olga Goncharova, who is the director of government relations at Binance for CIS countries and Russia, will be leading this expert center. Binance’s Director for Eastern Europe Gleb Kostarev emphasized that the exchange has a strong track record of working in tandem with regulators from all around the world. He also said that:
“I am sure that our developments our expertise will be positively received by the Russian banking community.”
In the last few weeks, the government officials of Moscow and the financial industry members have been working to fill all the loopholes in their regulatory framework that remains after they adopted the law “On Digital Financial Assets” that was executed in January last year.
While the Bank of Russia has proposed having a blanket ban on related operations like trading, most of the institutions have supported the Finance ministry’s view that the legalization appears to be a better choice. After the Federal government gave its approval, the treasury department started working on drafting two laws for the Russian crypto economy.
A report published by Kommersant shared this month that most of the world’s biggest crypto exchanges have agreed to work with Russia under these new rules. This includes the requirement to open a local office or register a Russian legal entity. Binance’s Goncharova also told the business daily that this platform would support the Government’s regulatory roadmap that will help make the operations transparent, user friendly, and understandable.