RIYADH: Binance, the largest crypto exchange, has joined the Association of Russian Banks to share its regulatory expertise with financial institutions and government as they tailor their approach to oversight in the crypto space.
Binance is the first crypto platform to work within the banking industry organization, its representatives told the local media.
The Association of Russian Banks recently established a Center for Experts on Digital Financial Assets, tasked with studying the global practice of regulating their trading.
It will also serve as a platform for dialogue between experts in the field of cryptocurrencies and Russian federal authorities and legislators, RBC Crypto reported.
Binance’s Director for Eastern Europe, Gleb Kostarev, confirmed that the exchange has a solid track record of working with regulators around the world.
“I am sure that our developments, our expertise will be positively received by the Russian banking community,” Kostarev said.
While the Bank of Russia proposed a blanket ban on its trading, most other institutions have backed the Finance Ministry’s view that legalization is a better alternative.
After the federal government approved its concept, the treasury department is now drafting two laws for the Russian crypto economy, according to Bitcoin.com.
A report by Kommersant, a national daily newspaper, revealed earlier this month that some of the world’s largest crypto exchanges are ready to work in Russia under the proposed new rules, including a requirement to open a local office or register a Russian legal entity.
Bitcoin, the leading cryptocurrency internationally, traded lower on Sunday, falling by 4.17 percent to $38,287 at 2:29 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $2,626, down by 5.21 percent, according to data from Coindesk.
Tesla and SpaceX CEO, Elon Musk, has revealed that Tesla’s upcoming futuristic diner and drive-in theater, planned in the Hollywood area, will accept dogecoin.
The electric car company, Tesla is currently accepting dogecoin for some merchandise on its website.
However, the price of dogecoin was not affected by this news.
At the time of Musk’s tweet, dogecoin was trading at $0.1417 based on data from Bitcoin.com.
Musk believes that dogecoin is the people’s crypto and previously revealed that many people he talked to at Tesla and SpaceX owned it.
Dogecoin is the best crypto for transactions while bitcoin is more suitable as a store of value, he said.