Cryptocurrency exchanges are also catering to the needs of the region’s traders. These include local leaders such as Exmo and Currency.com as well as global platforms like Huobi with its Huobi Russia branch that accepts rubles, and Binance, which has a Russian version of its website and supports ruble-denominated trading. This week, Binance also added the Russian ruble to its peer-to-peer (P2P) trading platform making it the third supported fiat currency after providing services for the Chinese yuan and the Vietnamese dong.
Commenting on the announcement, CEO Changpeng Zhao stated:
Russia is a vibrant market for blockchain and crypto advancement. We strive to provide our Russian users with easy fiat-to-crypto access. P2P trading provides an open marketplace and more flexible access for users to trade multiple cryptocurrencies with other users or merchants in the payment methods they prefer.
Russians are awaiting greater regulatory clarity regarding the crypto space. The adoption of the Law on Digital Financial Assets, the most important of three crypto-related bills, has been postponed many times since the spring of 2018, with the Central Bank of Russia and the Ministry of Finance arguing about the scope of the legal framework and the status of decentralized cryptocurrencies.
According to a recent statement by the chairman of the parliamentary Financial Market Committee, Anatoly Aksakov, Russian regulators have managed to settle their disagreements on the legalization of crypto assets and the law is likely to be voted in by the State Duma in March.