Huobi, the third largest crypto exchange in terms of trade volume, has partnered with Vnesheconombank (VEB), a Russian state-controlled development bank, to provide legal advice to Russian blockchain firms and help the country to adopt the new technology.
On November 12, Huobi opened a new office in Russia and extended its 24-hour customer support in the Russian language, which was followed by the official launch of Huobi Russia, the Russian subsidiary of Huobi’s crypto exchange, on December 6.
Huobi is going to set up Huobi Legal Lab in Russia which will provide legal assistance to Russian firms looking to launch new crypto and blockchain-related businesses. The exchange will also cooperate with VEB in extending crypto-related programs in the country.
With VEB, Huobi is planning to raise awareness among the Russian population and businesses about cryptocurrencies and blockchain technology by launching educational programs, a startup incubator, and even mining hotels.
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Moreover, the two partners will receive guidance and support from the Moscow State Institute of International Relations (MGIMO), one of the most prestigious educational institutions in Russia.
The laws for setting up a cryptocurrency business are very complex in Russia. The authorities even postponed the introduction of draft legislation to legalize cryptocurrencies several times. According to Mr. Sidorenko, a faculty member at MGIMO, the legal lab will ensure that the crypto and blockchain businesses are not violating any local laws. It will also make sure that Russian blockchain firms are complying with international crypto laws.
“In a situation when the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for the business,” Sidorenko said.
Vague Laws, But Full Support
The Huobi Legal Lab is not the only firm in Russia offering help to crypto businesses. According to Bitcoin.com, the Russian Lawyers Association and Blockchain Lawyers, an educational organization, agreed to create a specialized commission of legal experts to review cases not covered by current Russian regulations.