An announcement from the Association of Banks of Russia declared today that they will be creating an Expert Center for Digital Financial Assets and Digital Currencies.
This center will be built with the core focus of maintaining communication with the federal authorities of the country.
Russia’s Crypto Expert Center
As stated by the association itself the purpose for its creation will be to ‘prepare professional judgments on the turnover of digital assets’.
The Expert Center will also be a means of spreading awareness and educating members of the Association on the complex nature of crypto by providing them with analytical materials about the same.
In regards to the announcement, the Vice President of the Association of Banks of Russia, Anatoly Kozlachkov stated:
“The Association has extensive experience in interacting with Russian regulators, representing the interests of the banking community, so we want to take a more active position on this issue, and contribute to the development of balanced regulation taking into account the interests of the market and ensuring the protection of citizens from unscrupulous actions”
To head this Expert Center the Presidium of the Association Council appointed the Director of Binance in Russia, Olga Goncharova.
Under her leadership, the Expert Center is planning to conduct an examination of the turnover of cryptocurrencies and other digital assets.
At the same time, they also aim at organizing events on the same to discuss the expert community’s approach towards regulation and development of digital assets.
The Chairman of the Board of Association of Banks, Anatoly Aksakov added:
“The banking community cannot stay away from the discussion that has unfolded in the professional community on the regulation of the turnover of digital financial assets. Legislators are very lacking in the professional view of financial market experts on the turnover of cryptocurrencies in order to form a balanced approach to their regulation on their basis,”
Binance’s Debacle With Authorities
Just yesterday, FXEmpire reported that the Capital Market Authority of Israel demanded clarifications from the world’s biggest cryptocurrency exchange Binance concerning the application for a license in the country.
Owing to the absence of the same, Binance had to cease all activities in Israel including marketing of any kind.
Just last year Binance suffered a similar crackdown from UK’s Financial Conduct Authority after the exchange failed to meet the standards of the authority’s anti-money laundering system. This led to Binance’s ban in the country.
Although the native token of the exchange, BNB hasn’t observed any immediate implication of Russia’s announcement yet, the coin is performing slightly better than yesterday. BNB is up by 1.63% at press time, recovering from yesterday’s 5.84% dip.
This article was originally posted on FX Empire