Russian Rubles Can Now Be Deposited on Huobi Russia Exchange

  • Huobi Russia is launching a platform for IEOs called Huobi Russia Origin.
  • There will be no fees associated with listing on the Origin platform.

Huobi recently created a franchise of their exchange in Moscow, naming it Huobi Russia. As the exchange launches, users of the new platform will have the opportunity to add Russian rubles to their account with the use of bank transfers as of Thursday. The announcement was made at an event in Moscow this week, stating that the platform will have it's own exchange for the newly accepted Russian rubles.

A Uzbekistan bank will be used for the processing of these deposits, since the HBRU CIS (Huobi Russia’s legal entity) has already received a letter giving permission from the Justice Ministry in Russia, according to CEO Vladimir Demin. Addressed to HBRU CIS, this document came from the Agency of State Services under the Ministry of Justice of Uzbekistan. Furthermore, it clarifies that the operations planned for the exchange, which includes activity in digital assets, software, and IT consulting, have not been prohibited by the local laws.

Recently, to push for progress in the crypto exchanges in Russia, Uzbekistan has recently taken steps to bring in more business, like tax incentives. Demin explained that Huobi has a relationship already established with InfinBank for their financial needs.

Along with the launch of the rubles deposits, the Moscow office will be creating its own platform, allowing it to establish initial exchange offerings (IEOs). The platform, Huobi Russia Origin, makes it possible for Russian projects to choose a different option from what the Huobi Prime launchpad provides. Previously, any project aiming to launch a new token could only do it through Huobi Prime. A business development lead with Huobi Cloud, Shawn Chong, stated that the new IEO platform plans to have its own token to launch soon, which will be for the fees associated with their service.

Even if a project manages to secure a listing on Origin, it isn’t guaranteed to be listed on Huobi Prime. The tokens established with the new platform will only be available to consumers that are registered on Origin, according to Chong. The Huobi Russia team requested a separate listing services, and their request was fulfilled with Huobi Cloud. Chong commented,

“If it helps the market in a certain region and it’s not illegal, we don’t see any reason for not helping them. The main idea is, we want to grow with these new [local] projects.”

Origin’s launch date has yet to be decided, though the date will likely depend on the size of the demand for the new platform to add listings, says Chong.

Demin stated that the new rules for listing applications are planned to be released on the 30th of December. While Huobi Russia won’t be implementing a listing fee, paid services may be offered, like legal advice and review on projects before they are broadly listed.

Though CoinDesk has contacted the Ministry of Justice and InfinBank for comment, there has yet to be a response.

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