Huobi Partners With Major Russian Bank to Provide Legal Services to Crypto Organizations

  • Singapore-based digital asset exchange Huobi has partnered with Russian government-controlled development bank, Vnesheconombank (VEB).
  • The partnership involves cooperation regarding Russia-based crypto and blockchain-related initiatives.

Singapore-based digital asset exchange Huobi, which is one of the world’s largest crypto trading platforms by volume, has partnered with Russian government-controlled development bank Vnesheconombank (VEB) - in order to help Russia adopt blockchain technology.

As CryptoGlobe reported last month, Huobi had announced that it would be opening new offices in Russia and launching a company website in the Russian language. Officially launched on November 12, the new Huobi branch is open 24 hours a day and provides online customer support.

Setting Up "Mining Hotels", Training & Education Centers

Earlier this month, Huobi’s Russia-based digital currency exchange went live. As covered, Huobi’s new support center has been set up specifically to provide guidance to Russian firms planning to enter the crypto industry. In addition to offering a startup incubator and exchange service in Russia, Huobi’s partnership with Vnesheconombank will reportedly involve working cooperatively on blockchain education and training initiatives.

Huobi is also planning to establish crypto “mining hotels” and a Huobi Legal Lab, which will provide legal assistance to Russian firms looking to launch new crypto and blockchain-related businesses. Moreover, Huobi intends to work closely with VEB on its larger Center for Digital Transformations initiative, which involves helping Russian companies in other related industries of the digital economy.

Huobi’s Legal Lab will also aim to provide legal services in Russia’s courts to crypto-related organizations. Additionally, the lab’s experts will be drafting new legislation for Russia’s nascent blockchain industry in order to help local crypto market participants offer services that comply with the appropriate regulations.

Working Cooperatively With Local Academic Institutions

Notably, Huobi and Vnesheconombank will be receiving guidance and support from the Moscow State Institute of International Relations (MGIMO), one of the most prestigious academic institutions in Russia. Elina Sidorenko, the head of Russia’s working group of cryptocurrency risk assessment, has been appointed the head of Huobi’s Legal Lab.

Sidorenko, who is a faculty member at MGIMO, explained that the legal lab has been set up to ensure that the nation’s cryptoasset industry participants do not violate local legislation. Huobi’s legal experts will also make sure that Russian crypto firms comply with international laws. Commenting on the importance of developing proper regulatory guidelines, Sidorenko stated: 

In a situation when the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for the business.

According to local reports, Russian crypto firms are finding it challenging to comply with the relevant laws as the nation’s existing legal framework does not clearly specify how to offer crypto-related services in a manner that does not violate local or international regulatory guidelines.

Crypto-Backed Virtual World Decentraland Goes Live

  • Cryptocurrency-backed virtual world Decentraland has made its official launch.
  • Users have traded more than $1 million in virtual assets over the last ten days.

The cryptocurrency-backed virtual world Decentraland has made its official launch, giving users the ability to spend real money on digital property.

Decentralaland, which raised more than $20 million during its initial coin offering (ICO) held in 2017, has officially launched its virtual reality world living on the Ethereum blockchain.

Users have been rushing to spend money on virtual plots of land they hope will appreciate like real-world real-estate. As previously reported, crypto gamers spent more than $600,000 last week to purchase digital plots of land in the leadup to Decentraland’s official launch. 

Long-time holders of Decentraland’s native coin, MANA, are also cashing in on the craze, with the asset more than doubling since the beginning of 2020. According to data collected by NonFungible, more than $1 million in assets have been traded via Decentraland over the last ten days, making the project’s virtual world the most active entity on Ethereum’s blockchain. 

Ari Meilich, the game’s project lead, told Bloomberg in a phone interview,  

The users are in control of the digital assets, which is something that hasn’t happened before.

He continued, 

We think that over time players will gravitate toward games where they are more in control.

Decentraland is already trading more than 10 times the virtual assets as CryptoKitties, which was previously one of the most popular Ethereum network applications. 

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