Despite strict crypto regulations in Russia, Huobi Global has announced the launch of its crypto trading app in the country.
The native app enables Russians access spot markets and trade crypto easily through Huobi.
Russia, however, may not be the right place for the launch of a crypto app. Recently, Russia passed a new regulation on crypto trading and mining. They placed a ban on using crypto as a means of payment from 2021.
With this, Huobi exchange continued its global expansion plan into Russia. This stems from the fact that Russia accounts for 10 percent of Huobi’s total spot trading volume.
Despite strict crypto regulations in Russia also, the country ranks second in the global adoption of cryptocurrencies in Eastern Europe, Chainalysis, a crypto research company reveals.
Huobi eyes growth opportunity in Russia amidst stringent regulations
Vice President of Global Markets at Huobi Group, Ciara Sun said Huobi saw a growth opportunity in Russia. It fuelled the launch of the native crypto trading app.
The Singaporean crypto firm chose to strengthen its position in the Russian crypto market despite stiffening regulation, Ciara Sun explained.
“Despite recent speculation about new crypto regulation in Russia, we’re fully committed to this market and moving full steam ahead to give local users a more initiative way to buy and trade crypto from their mobile devices,” Sun said.
Sun also said that despite Russia being number two in eastern Europe in terms of crypto adoption, there’s still a long way before the country reaches mainstream adoption.
Huobi plans to empower 100 million households worldwide to own digital assets with Russia playing a critical role in this project, Sun said.
With the Huobi app launch on Wednesday, it keys into the exchange recent move to consolidate its partner-operated exchange, Huobi Russia into Huobi Global ecosystem.
Huobi to thrive in Russia against all odds
As the crypto exchange has set the ball rolling for its journey in Russia, the exchange would thrive against all odds.
Russia’s strict crypto regulation has not been a thing of concern for existing exchange firms. Similar to Huobi’s app launch, Binance is also launching a new product (Binance crypto debit card) next year.
Russia’s law only bans crypto from being a means of payment.
Largely, Huobi exchange does not serve as a payment firm. The Singaporean firm basically is a crypto exchange and trading firm. Considering, the continued rise of crypto adoption in Russia, Huobi has launched its app in the right place for business.
Similarly, since the law was enacted in Russia, other crypto firms in the country have reacted positively. Many claim the law has not taken any toll on business stating only that the law is ambiguous and unclear.