Singapore-based digital asset exchange Huobi, which is one of the world’s largest crypto trading platforms by volume, has partnered with Russian government-controlled development bank Vnesheconombank (VEB) - in order to help Russia adopt blockchain technology.
As CryptoGlobe reported last month , Huobi had announced that it would be opening new offices in Russia and launching a company website in the Russian language. Officially launched on November 12, the new Huobi branch is open 24 hours a day and provides online customer support.
Earlier this month, Huobi’s Russia-based digital currency exchange went live. As covered, Huobi’s new support center has been set up specifically to provide guidance to Russian firms planning to enter the crypto industry. In addition to offering a startup incubator and exchange service in Russia, Huobi’s partnership with Vnesheconombank will reportedly involve working cooperatively on blockchain education and training initiatives.
Huobi is also planning to establish crypto “mining hotels” and a Huobi Legal Lab, which will provide legal assistance to Russian firms looking to launch new crypto and blockchain-related businesses . Moreover, Huobi intends to work closely with VEB on its larger Center for Digital Transformations initiative, which involves helping Russian companies in other related industries of the digital economy.
Huobi’s Legal Lab will also aim to provide legal services in Russia’s courts to crypto-related organizations. Additionally, the lab’s experts will be drafting new legislation for Russia’s nascent blockchain industry in order to help local crypto market participants offer services that comply with the appropriate regulations .
Notably, Huobi and Vnesheconombank will be receiving guidance and support from the Moscow State Institute of International Relations (MGIMO), one of the most prestigious academic institutions in Russia. Elina Sidorenko, the head of Russia’s working group of cryptocurrency risk assessment, has been appointed the head of Huobi’s Legal Lab.
Sidorenko, who is a faculty member at MGIMO, explained that the legal lab has been set up to ensure that the nation’s cryptoasset industry participants do not violate local legislation. Huobi’s legal experts will also make sure that Russian crypto firms comply with international laws. Commenting on the importance of developing proper regulatory guidelines, Sidorenko stated:
In a situation when the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for the business.
According to local reports, Russian crypto firms are finding it challenging to comply with the relevant laws as the nation’s existing legal framework does not clearly specify how to offer crypto-related services in a manner that does not violate local or international regulatory guidelines.