The cryptocurrency exchanges are willing to expand their services. It makes sense as thanks to new services it is possible to generate additional profit. Importantly, the cryptocurrency exchange Huobi Global is expanding in the Russian Federation.
It is worth mentioning that, users in Russia have the ability to access Huobi’s spot market and trade major cryptocurrencies like Bitcoin through its native mobile app.
Russia has a huge potential when it comes to cryptocurrencies, despite all problems. Notably, by introducing the app in the country, the major cryptocurrency exchange wants to expand in one of its most important markets. People should take into account that, Russian customers account for as much as 10% of Huobi’s total spot trading volume. Thus, it is not surprising that Huobi made the decision to expand its services in Russia.
Huobi and new opportunities
As stated above, Russia is one most important markets for the cryptocurrency exchange. Importantly, Huobi’s move to boost its position in the Russian market comes despite problems with crypto regulation in the country.
Notably, Huobi’s decision follows a recent move to consolidate its partner-operated Russian exchange, Huobi Russia into the broader Huobi Global ecosystem.
As a reminder, Russian lawmakers approved a law “On Digital Financial Assets” in its final third hearing on July 22. Russian President Vladimir Putin signed this bill into law.
However, the regulation of the industry will mainly be a part of a different bill. According to the media, the actual framework for crypto will be set out in the bill “On Digital Currency”. It is expected that the State Duma the lower house of the parliament will pass this bill during the autumn session, which ends in late December.
Moreover, the world’s largest crypto exchange Binance still plans to launch its payment-focused crypto debit card in Russia. Despite the challenges, companies would like to stay in the country.