How Huobi Can Influence Russia’s Crypto Regulatory Framework
Following a meeting between Leo Li, the CEO of the Huobi cryptocurrency exchange, and Sergey Glazyev, an advisor to Vladimir Putin, the president of Russia, it appears that the trading platform will soon roll out its services to the Russian market. As per an official statement of the Huobi website, the two luminaries met at the exchange’s office located in Beijing
For a considerable period, Glazyev, who is also an established investor, has been vociferous on Moscow’s stance on digital currencies and blockchain technology. According to him, Huobi can play a fundamental role to this end. Specifically, Sergey believes that the introduction of Huobi services in Russia will have a positive impact on the country’s economic development. Sergey also believes that if the Huobi group performs impressively, it can influence the local parliament to formulate a favorable legal framework for cryptocurrency and blockchain startups.
Recently, Russian banks attracted the attention of crypto enthusiast after local media outlets reported that the financial institutions were mulling over the possible integration of digital currencies to their service portfolios. Currently, most of the banks in Russia do not offer crypto-related services due to the regulatory uncertainty in the country. Still, Glazyev is excited by the potential of blockchain technology to improve service delivery, especially in governmental organizations. In this regard, he pointed that most countries are looking to integrate the technology due to its many advantages.
Additionally, Glazyev believes that blockchain technology can be effective in the fight against corruption and other money-related frauds. Precisely, Sergey mentioned that blockchain tech is known for its transparency and risk mitigation capabilities, making it useful in the prevention of financial crimes.
In conclusion, Sergey reiterated that digital assets are essential to the development of blockchain tech, stating that the two entities are inseparable. He expressed hope that countries will adopt the two because they increase efficiency and reduce risk by considerable margins.
Huobi in Russia
The introduction of Huobi to the Russia crypto space is likely to impel a mass adoption of digital currencies in the country. The exchange’s entry comes after the Duma Committee for Legislative Work approved the first reading concerning the development of a cryptocurrency regulatory framework.