Binance to advise Russian regulators
Binance has joined the Russian Banking Association (ABR) to share its regulatory experience with Russian financial institutions and the government. ABR recently established a Center of Experts on Digital Financial Assets and Digital Currencies, which is tasked with studying global practices in regulating the circulation of crypto-assets. The panel will also serve as a platform for dialog between experts in the crypto space and Russian federal authorities and lawmakers, RBC Crypto reported.Olga Goncharova, Binance's director of government relations in Russia and the Commonwealth of Independent States (CIS), has taken charge of the association's expert center, which was approved by the association's presidium council. Goncharova joined the crypto exchange to drive compliance efforts in Russia and CIS. Prior to joining Binance, she worked as a department head at the Bank of Russia.
Binance sees opportunities in Russia
It is a logical decision for Binance to join ABR. In January, Gleb Kostarev, Binance's director for Eastern Europe, said in an interview that they wanted to expand in Russia and neighbouring countries because the exchange saw opportunities there. The best-case scenario for Binance would be progressive regulation in Russia, which could influence the approach of neighbouring countries. By joining this body, Binance could potentially influence this decision.Meanwhile, the Ministry of Finance is working on two laws for the Russian crypto industry. Russian newspaper Kommersant revealed in early February 2022 that the world's largest crypto exchanges are ready to operate in the Russian Federation under the new laws requiring their registration as legal entities.
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