Binance, head of the new crypto department of the Association of Russian Banks

The giant of the crypto industry Binance joinedThe Association of Russian Banks (ARB), where its head of Russia and the CIS (Commonwealth of Independent States) will head a new crypto division.

Source: AdobeStock / photo_gonzo

According to Prime, the stock exchange issued a press release on this to major Russian media, where it explained it Olga Goncharova would lead the new Expert center for digital financial assets and digital currencies (Expert Center for Digital Financial Assets and Digital Currencies) in ARB.

The exchange said its participation would help ensure “a dialogue with federal authorities, lawmakers, experts in digital financial assets”.

The new “Expert Center” will strive to gather “professional opinions on the circulation of digital financial assets and digital currencies” and provide members with “analytical materials” on the subject of crypto, as well as an “international experience.”

He will also “enter into dialogue” with “federal officials and legislators.”

Last month, the local management of the stock exchange suggested, according to Reuters, that it saw “prospects for new rules that would stimulate its activity.”

Binance’s Director for Eastern Europe, Gleb Kostarevreportedly mentioned that the platform “hopes for a step-by-step regulatory approach from Russia that can affect the one adopted by its neighbors.”

He stated:

“Our goal is to obtain a license and carry out lawful activities where the rules permit.”

ARB is Russia’s largest banking collective and was established in 1991. It currently has 240 members according to its website, but due to a controversy that arose in 2017, it no longer has all eight largest banks in the country – i.a. Sberbank, VTB and Gazprombank – among its members.

In his own press release, the Vice President of ARB said, Anatoly Kozlachkovwould have explained:

“We have extensive experience in interacting with Russian regulators who represent the interests of the banking community. We want to take a more active stance on the issue. [des cryptomonnaies] and contribute to the development of balanced regulation. We will take into account the interests of the market and ensure the protection of Russian citizens against [fraude]. “

The body added that “the Russian banking community can not remain separate from the discussion that has taken place” to regulate the “circulation of digital financial assets.”

Separately, according to Izvestia, ARB said its members “will not have difficulty” enforcing the cryptocurrency measures proposed by the Treasury in a draft law on cryptocurrency regulation to be unveiled today.

Izvestia said it was talking to several banks and none of them said they had a problem with these measures. These measures propose to create a system where all crypto transactions are carried out through banking platforms – where they can be monitored for tax evasion and money laundering.

A similar system currently exists in South Korea, where stock exchanges must enter into individual contracts with banking partners. But in this East Asian nation, banks are also required to accept all associated financial risks, which may not be the case in the Russian system.

Russian banks and experts in the field reportedly said that it would take “several months to create such a system”, while some said that the cost of creating the technological platforms would probably be borne by cryptocurrency-using customers. But the banks generally seemed positive about their options for adoption.

So far, divisions between the Treasury and the central bank (which continue to push for a ban on cryptocurrencies) have threatened to derail efforts to regulate the sector in the coming months and could turn Day J into a wet fireworks display.

Although the ministry claimed that the bill would be published today, the Russian cabinet had still not seen the cryptocurrency bill on February 17th.

The Cabinet’s press office told Tass yesterday:

“[Le document] has not yet been submitted “.

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