The world’s prominent exchange of cryptocurrency – Binance – pursues the extension of its operations in Russia notwithstanding the country’s latest proposed prohibition over cryptocurrencies. As per the Eastern European Director of the exchange – Gleb Kostarev – the entrance of the exchange into the country is strategically significant for the development of the company.
He stated on Reuters that in Uzbekistan, Kazakhstan, and Ukraine they are additionally devoted towards crypto and are actively stepping towards liberalization, instead of restriction. He added that their target is to acquire a certification and organize legal business in line with the regulation. In addition to this, the director disclosed that the platform is expecting a dynamic regulatory approach to be implemented by Russia, to provide a model for rules comparable to those of the adjacent countries.
Russia and crypto regulation
The country has expressed a desire to manage its growing crypto market. As per the central bank, the crypto transactions’ cumulative value in the country is nearly $5B per year. During some of the recent years, the regulator of Russia has witnessed to be additionally skeptical regarding cryptocurrencies, along with advocating for an outright prohibition over the mining as well as trading of crypto across the country.
The government-based and private sectors, on the contrary, have posed their disagreement with the plan, mentioning that a relatively moderate approach, of regulation instead of prohibition, would prove to be more adequate.
In the recent week, Vladimir Putin – the Russian President – requested that the Central Bank, as well as the government of Russia, should form an agreement over cryptocurrencies. He noted that the central bank was not hindering the country’s way towards technological advancement and is taking required steps to launch exclusive technologies into the newly emerging field of digital assets. The regulation of cryptocurrency has in advance been developed, as per the Finance Ministry, which disclosed that a chance should be given to the crypto technology to develop.
Proposal to prohibit crypto as cruel
Specifically, Kostarev categorized the suggested ban to be unkind however mentioned that at present they see it to be providing a way towards dialogue with the country’s regulator. Apart from this, he revealed that the track Russia selects for the regulation of crypto might influence the neighbors thereof. Temporarily, the usage of crypto is allowed across Russia and it can be utilized for financial transactions, nevertheless, crypto usage for buying services or goods is prohibited.
James Thompson