Crypto Exchange Huobi Opens Office In Russia
Huobi Global, a major Singapore platform, supported the Center for Digital Transformations at the Russian Vnesheconombank. The exchange's team will help the country develop norms to regulate the crypto sphere, as well as consult investors, as stated in the fund’s press release.
The representatives of Huobi will provide expert support to the "VEB Innovations" fund, which was founded in 2011 to invest in local startups working with high technologies and help them enter the global market. The team also plans to inform crypto investors in terms of digital assets management.
"The advantage of Huobi is a large set of competencies — it's training, research, venture financing, trading, and stock trading. These competencies will benefit the development of the blockchain market in our country," according to a Huobi representative in Russia Andrei Grachev.
One of the key objectives of the partnership is designing a legal framework for implementation of digital assets and providing their widespread turnover. Russian regulators will use Huobi's experience to create an optimal base, not inferior to similar jurisdictions in other countries.
The executive at Huobi Global, Edward Chen, called Russia "a very good market" and said that the exchange plans to bring its daughter services — Huobi Cloud and Huobi OTC — to the new marketplace. The latter platform is used for over-the-counter trading.
The Russian State Duma is discussing a cryptocurrency draft law. With its help, the government plans to legalize the status of crypto. However, this won’t equate it to the only legal means of payment in Russia — the ruble.
Recently, a group of experts has proposed a draft law to classify digital assets into categories.