Crypto Exchange Binance Joins Expert Center at Russian Banks Association – Exchanges Bitcoin News

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. As they attempt to establish rules in the sector, authorities from Moscow will be assisted by the coin trading platform.

Binance will provide crypto expertise to the 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. Binance representatives announced the decision to local media and noted that Binance is not the first platform to be integrated into the banking sector organization.

ABR recently created an Expert Center on Digital Financial Assets (and Digital Currencies) to examine the current global regulation of the crypto currency circulation. RBC Crypto reported that this body will serve as an open forum to allow for the exchange of information between Russian lawmakers and Russian federal officials in crypto.

Olga Goncharova has been named director for Binance’s government relations for Russia and the CIS. 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 also said:

Our expertise and developments will undoubtedly be well received by the Russian bank 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. Now, two laws are being drafted by the treasury to address the Russian crypto-economy after the Federal Government approved their concept.

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.”

Are you expecting Russian authorities to ask for assistance from crypto-related businesses as they try to regulate this industry? Leave a comment below.

Lubomir Tatsev

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.