The world’s largest cryptocurrency exchange Binance has achieved recognition by Russian banks and entered the Association of Banks of Russia, the company’s press service told Lente.ru. The Binance spokesperson added that the purpose of this move is to start a dialogue with federal authorities and digital financial asset (DFA) experts.
This association is the largest Russian association of credit institutions, in which about 90 percent of the assets of the country’s banking system are concentrated. The Presidium of the Council of the Association of Banks of Russia announced the creation of an expert center for DFA and cryptocurrencies. The unit will be engaged in the preparation of professional judgments on issues related to these assets, and provide the association with expert and analytical materials on the topic, summarizing and disseminating international regulatory experience. Olga Goncharova, Binance Government Relations Manager in Russia and the CIS, was appointed the head of the expert center.
“We are creating an expert council for the future and have high hopes for the arrival of Olga Alexandrovna. (…) In our opinion, this is a good candidate to lead the platform where the expert community could discuss approaches to the regulation and development of digital financial assets,” said Georgy Luntovsky, President of the Association of Banks of Russia.
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Gleb Kostarev, Director of Binance for Eastern Europe, added that their company has extensive experience in working with regulators. “I am sure that our developments, our expertise will be positively received by the Russian banking community,” Kostarev emphasized.
At the end of January, after the release of the report of the Central Bank proposing to ban cryptocurrencies, the founder of Binance, the richest man in China and Asia, Changpeng Zhao, warned Russia against banning the circulation and mining of cryptocurrencies. He expressed the opinion that the best solution for the state would be not a ban, but competent regulation of the cryptocurrency market.
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