Will Binance aid Russia in legalizing crypto?

Sahana Kiran
Source – Pixabay

Russia has been pushing for the adoption of crypto and Binance, one of the world’s largest crypto exchanges may be assisting this effort. The exchange was granted membership in the Association of Banks of Russia.

The association, set up back in 1990, now includes over 300 banks, accounting for roughly over 90% of all banks in the nation. Now, this association decided to roll out an Expert Center focusing on digital financial assets and digital currencies.

This platform was speculated to have been rolled out in response to Russia’s intention to legalize crypto. The Expert Center’s goal is to present “professional opinions”, particularly on the circulation of digital assets. The center will allow lawmakers to take a balanced approach to cryptocurrency regulation.

Binance entered the Russian market to collaborate effectively with local regulators and authorities. Taking things up a notch, Olga Goncharova, the Director of Binance in Russia would be leading the GR Expert Center.

Further speaking about Goncharova, the President of the Association of Banks of Russia said,

“We are creating an Expert Council for the future and pinning great hopes on the arrival of Olga Alexandrovna. She has big plans for conducting an examination of the circulation of digital currencies, organizing events on this topic. And 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.”

Binance and Russia

Additionally, Olga Goncharova was previously the head of the Bank of Russia’s Department of Collecting and Processing of Reports. She joined Binance as the first director of government relations in Russia in January 2022.

Moreover, while other nations have ousted Binance due to licensing difficulties, Russia has embraced the cryptocurrency exchange. As Russia grapples with a huge split between the government and the central bank, the latest center could shift the bank’s stance on cryptocurrency.