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Binance Joins Expert Center at Russian Banks Association

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The first crypto company to offer its support to the Association of Banks in the Russian Federation is Binance. The digital asset exchange will assist the Banks Association in their efforts to regulate the growing cryptocurrency market in the country. In addition, the crypto trading platform will also be collaborating with authorities in Moscow in an effort to adopt the rules pertaining to the industry. Known as the world’s leading exchange in terms of trading volume, Binance will share its regulatory experience with the Association of Banks in Russia (ABR). The exchange will assist the Russian government and financial institutions to help them tailor their approach for ensuring regulation in the crypto space.

The representatives of Binance announced the news and said that the exchange is the first crypto firm to be working with the banking industry organization. An Expert Center has recently been established by the ABR on Digital Financial Assets and Digital Currencies, which has been given the task of studying the global practice associated with circulation and regulation of crypto assets. The body will also function as a platform for establishing dialogue between the Russian legislators and federal authorities and experts in the crypto space. Binance’s director of government relations for Russia and CIS countries, Olga Goncharovahas been chosen to lead the expert center.

GlebKostarev, the Director for Eastern Europe at Binance, stated that the crypto exchange has an excellent track record when it comes to working with regulatory authorities all over the world. He stated that the expertise and developments of the exchange would get a positive response from the Russian banking community. In the last few weeks, the members of Russia’s financial industry and the government officials in Moscow have been working hard to fill the gaps in the regulatory framework of the country where cryptocurrencies are concerned.

These gaps had become obvious after the law ‘On Digital Finance Assets’ had been put into effect in January last year. While a blanket ban has been proposed by the Bank of Russia on a number of crypto-related operations, including trading, the other government institutions have shown support for the view of the Financial Ministry to legalize crypto in the country. As a matter of fact, the concept had also received approval of the federal government as this is seen as a better alternative. Now, the Russian treasury department is working on drafting two laws that will govern the Russian crypto economy.

Earlier this month, Kommersant had published a report showing that some of the largest crypto exchanges in the world are willing to work in Russia under the new laws that have been proposed. This includes a requirement to register a Russian legal entity, or open a local office. Goncharova from Binancesaid that the platform was in support of the roadmap outlined by the Russian government. She said that this would help in making crypto operations more transparent, understandable and user-friendly. Regardless, the central bank in Russia remains vehemently opposed to the regulation of crypto in the country.