Binance joins association of Russian banks
Binance, a popular cryptocurrency exchange, has joined the Association of Russian Banks as the government works to establish a nationwide regulatory framework to regulate crypto activities in its jurisdiction.
According to Arab News, Changpeng Zhao’s Binance has partnered with the Association of Russian Banks. The crypto exchange is expected to give knowledge and guidance to the group, which is working to build regulatory standards for Russia’s digital currency business.
According to sources, the Association of Russian Banks, which represents over 300 financial service providers, has established a department dedicated to engaging with federal authorities about the booming cryptocurrency market.
On February 18, 2022, the so-called Expert Centre for Digital Financial Assets and Digital Currencies was formally announced.
According to officials, the association was also formed to prepare expert judgment on the turnover of virtual assets. In addition to introducing the new expert center, Olga Goncharova, the Director of Binance in Russia, was appointed to head the department as an expert in the sector.
Gleb Kostarev, Binance’s Eastern European Director, revealed that the world’s largest crypto exchange by trading volume had joined the Association of Russian Banks.
Binance, according to Kostarev, will be the first digital currency platform to interface closely with the country’s traditional financial sector.
Furthermore, Kostarev stated that Russia is an important foothold for Binance as the exchange progresses toward supplying services in the jurisdiction and consolidating its position in the region.
According to Binance executives, the exchange intends to tap into Russia’s $5 billion yearly cryptocurrency transaction volume.
Russia Closer to Standardized Crypto Regulatory Framework
Earlier in February 2022, President Vladimir Putin reportedly directed regulators to obtain a consensus on proposed legislation for regulating cryptocurrency. Putin believes that embracing cryptocurrency could benefit Russia. Furthermore, the country quickly becomes a Bitcoin (BTC) mining powerhouse, accounting for 11.2 percent of the global hash rate.
The Binance announcement also moves Russian authorities one step closer to creating regulatory control for cryptocurrency. Although the country’s central bank maintains that outlawing cryptocurrency is the safer option, the consensus among Russia’s Finance Ministry and the federal government is now in favor of regulation.
Earlier in February 2022, President Vladimir Putin reportedly directed regulators to obtain a consensus on proposed legislation for regulating cryptocurrency. Putin believes that embracing cryptocurrency could benefit Russia. Furthermore, the country quickly becomes a Bitcoin (BTC) mining powerhouse, accounting for 11.2 percent of the global hash rate.
The Binance announcement also moves Russian authorities one step closer to creating regulatory control for cryptocurrency. Although the country’s central bank maintains that outlawing cryptocurrency is the safer option, the consensus among Russia’s Finance Ministry and the federal government is now in favor of regulation.
California lawmaker files bill to accept Bitcoin
Last week, California became the latest state in the current legislative cycle to consider allowing residents to pay for government services in cryptocurrency.
According to the text, Senate Bill 1275, introduced on February 18, “would permit a state agency to accept cryptocurrencies as a mode of payment for the provision of government services.” State Senator Sydney Kamlager-Dove, a Democrat, is the bill’s sponsor.
The law adds to a modest but rising chorus of state efforts to legalize such payments. Colorado Governor Jared Polis promised last month that people would be able to pay their taxes in cryptocurrency by the summer, albeit such payments would be swapped for fiat currency before the state took control.
Efforts of a similar nature have taken place in Arizona and Wyoming.
In late January, legislation introduced in Illinois would allow the state’s Department of Revenue to take cryptocurrency directly. According to a recent Politico piece on the subject, previous efforts to open the floodgates to crypto tax payments saw limited use.
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