Binance hopes for a progressive regulatory approach from Russia on crypto as it will be a determinant of the company’s business expansion plans in the country.
According to a Reuters report on Thursday, the world’s largest cryptocurrency exchange, Binance, has stated that it hopes Russia concludes on a positive regulatory stance on digital assets to help expand its business in the region.
“Our goal is to obtain a license and conduct legal business where the regulation allows,” Binance Eastern European Director Gleb Kostarev said.
He added that the company hopes for a positive decision by Russia as it could influence the approach taken by neighboring countries.
“In Ukraine, Kazakhstan and Uzbekistan, they are more loyal to cryptocurrencies and are taking steps towards liberalization, rather than restriction… But local regulators are taking these steps with an eye on Russia,” Kostarev added.
Conflicting Opinions
Russia’s regulators have had conflicting opinions on how to regulate crypto and are yet to come to common ground at the moment.
Recall that the Central Bank of Russia (CBR) proposed a ban on mining and use of crypto in the country stating that its volatile nature makes it highly risky for investors and also poses a threat to financial stability.
Kostarev termed the move by the apex bank harsh and that Binance considered it an invitation to dialog with the regulator.
A few days after the proposed ban, the department director of the Russian Finance Ministry, Ivan Chebeskov, said that regulations should be put in place to accommodate crypto and will at the same time protect investors rather than ban them completely.
President Putin Calls for Unity
Amid conflicting options on crypto regulation in Russia, President Vladimir Putin has called on regulators in the country to reach a consensus.
He noted that while digital assets are volatile in nature, crypto mining would give Russia a certain competitive advantage.
Meanwhile, in November, Russia announced that it would commence pilot testing of its digital ruble in early 2022 before making the final decision on launching a Central Bank Digital Currency (CBDC).
