The Crypto industry is evolving in the Russian Federation despite all challenges. The major cryptocurrency exchange Huobi Global is expanding in Russia. Starting from last week, customers in Russia have the opportunity to access Huobi’s spot market and trade major cryptocurrencies such as Bitcoin through its mobile app.
It is not surprising that Huobi is willing to expand its services in Russia. The country has a huge potential when it comes to cryptocurrencies, despite all challenges. Importantly, by introducing the app in the country, the cryptocurrency exchange wants to expand in one of its most important markets.
It is worth noting that, Russian users account for as much as 10% of Huobi’s total spot trading volume.
Huobi and Russian market
Interestingly, Huobi’s move to strengthen its position in the Russian market comes despite issues with crypto regulation in the country. This year Russian lawmakers approved a law “On Digital Financial Assets” in its final third hearing on July 22. However, this is not the end of the story. The regulation of the industry will mainly be a part of a different bill.
According to the reports, the actual framework for crypto will be set out in the bill “On Digital Currency”. It is expected that the State Duma will pass this bill during the autumn session, which ends in late December.
Let’s get back to the cryptocurrency exchange. Interestingly, Huobi’s decision to launch a mobile app in Russia follows a recent move to consolidate its partner-operated Russian exchange, Huobi Russia into the broader Huobi Global ecosystem.
People should take into consideration that, despite challenges the world’s largest crypto exchange Binance still plans to launch its payment-focused crypto debit card in Russia. Companies would like to stay in the country. Nevertheless, authorities should help Huobi as well as other exchanges to adapt to the new reality.
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