Huobi Joins Russia VEB Innovation Fund To Frame Crypto Regulations
Recently, Russia's VEB Innovation Fund announced in a press release that it is going to collaborate with the crypto exchange Huobi to reframe crypto regulations in Russia.
The VEB Innovation Fund was first initiated in 2011 to promote local innovations of Russian startups in the global market. The Center of Digital Transformation has been created by VEB Innovation Fund to promote blockchain and crypto-related projects. Huobi is now a partner of Center of Digital Transformation to help Russia with various crypto related projects.
"We're glad it has finally happened. Russian investors had no communication with global trading platforms so far, and Huobi is the first to open its unit in Russia"
The main aim of VEB joining hands with Huobi is to understand more about crypto regulations from Huobi's experience with them to integrate them in the legal framework of Russia.
Vladimir Demin, VEB Innovation Fund CEO stated that their collaboration with crypto exchange expert Huobi will help Russia create "a legal basis that could compete with current promising jurisdictions."
Huobi's Spokesperson in Russia, Andrey Grachev, also commented on the partnership saying that they are trying to enter Russian market since last April: "We're glad it has finally happened. Russian investors had no communication with global trading platforms so far, and Huobi is the first to open its unit in Russia".
Huobi's Senior Director, Edward Chen said that Huobi will be providing Huobi cloud services in Russia and also that the Russian investors will also be able to start using Huobi OTC.
"Cointelegraph's May Report states that the Russian State Duma has already passed a bill related to crypto in the Russian Parliament"
It is to be noted that Huobi is not the first crypto company to join hands with VEB. Earlier, VEB had associated with Ethereum and Waves, a Russain Blockchain Platform.
Cointelegraph's May Report states that the Russian State Duma has already passed a bill related to crypto in the Russian Parliament. In the Bill "On Digital Financial Assets", the following is defined: cryptocurrencies, blockchain related technologies like mining, ICOs, smart contracts etc.
However, "Izvestia", a daily in Russia, published an article which states that the definition of the word "cryptocurrencies" vanished from the bill shortly before the second reading and it now only talks about tokens and investments.
Recently in September, Cointelegraph also wrote an article that states that an alternative crypto regulation bill is being created by managers of Russian Lobby Groups. One of the groups' expert said the initial version of the bill was "unfinished and fragmented."