Huobi parades itself as the third largest crypto exchange in the world in terms of trade volume. In a Report by Financemagnates dated December 31, 2018, Huobi is currently extending its operetions in Russia and partners with a major bank. The crypto exchange has partnered with Vnesheconombank (VEB), a Russian state-controlled development bank, in order to provide legal advice to Russian blockchain firms and thus help the country to adopt the new technology.
Financemagnates reported that on November 12, 2018, Huobi opened a new office in Russia and extended its 24 hours customer support in the Russian language. This was also followed by the official launch of Huobi Russia, the Russian subsidiary of Huobi’s crypto exchange, on December 6, 2018.
Huobi is planning to set up Huobi Legal Lab in Russia which will provide legal assistance to Russian firms looking to launch new crypto and blockchain-related businesses. The crypto exchange will also cooperate with VEB in extending crypto-related programs in the country.
With VEB, Huobi is planning to increase the Russian population and businesses awareness about cryptocurrencies and blockchain technology by launching educational programs, startup incubators, and even mining hotels.
Moreover, the two partners will receive guidance and support from the Moscow State Institute of International Relations (MGIMO), one of the most prestigious educational institutions in Russia.
The laws for setting up a cryptocurrency business is very complex in Russia. The authorities have even postponed the introduction of draft legislation to legalize cryptocurrencies several times. According to Mr. Sidorenko, a faculty member at MGIMO, “In a situation where the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for the business”.
The Huobi Legal Lab is not the only firm in Russia offering help to the crypto businesses. According to Bitcoin.com, the Russian Lawyers Association and Blockchain Lawyers, an educational organization, agreed to create a specialized commission of legal experts to review cases not covered by the current Russian regulations.