Leading crypto exchanges prepared to operate in Russia under proposed stricter rules, report reveals.
A requirement for coin trading platforms to establish a local office is one of the proposals in a regulatory roadmap drafted by the government in Moscow.Some of the world’s largest digital assets exchanges, interviewed by Kommersant, are not objecting to a potential requirement to establish permanent presence in Russia in order to continue to offer services to its citizens.
Among other requirements envisaged in the roadmap are those related to anti-money laundering efforts such as the sharing of transaction data with, Russia’s financial watchdog. Crypto market players will also have to put in place mechanisms to verify information about the ownership of the digital assets they are dealing with.
Binance, the largest crypto exchange by volume, told the business daily it’s ready to open a branch or even register a legal entity in Russia, “if this contributes to the convenience of users and the security of operations.” Olga Goncharova, head of government relations for Russia and thecountries, said that Binance supports the regulatory roadmap as a step that “will make operations more understandable, transparent, and user-friendly” while also noting the proposals need further “calibration.
Another major crypto trading platform, Huobi, stated that it hopes for an “open dialogue with Russian regulators.” Its team believes that a constructive cryptocurrency law would help increase confidence in digital assets and exchanges in both individual and institutional investors. Crypto exchange AAX revealed it has no immediate plans to establish an office in the Russian Federation but it also said it may start working in this direction in case the regulations are approved. AAX is ready to comply with what it described as “legitimate” regulatory requirements. The exchange, which serves around half a million Russian residents, remarked that it keeps information about its clients, their balances, transactions, and trading activities.
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