Huobi Increases Russian Presence, Teams with a Major Bank

Huobi, the third largest crypto exchange in terms of trade volume, has partnered with Vnesheconombank (VEB), a Russian state-controlled development bank, will provide legal advice to  blockchain firms and thus help the country to adopt the new technology.
On November 12, Huobi opened a new office in Russia and extended its 24 hours customer support in the Russian language, which followed by the official launch of Huobi Russia, the Russian subsidiary of Huobi’s crypto exchange, on December 6.
Huobi is going 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 exchange will also cooperate with VEB in extending in the country.
With VEB, Huobi is planning to aware Russian population and businesses about cryptocurrencies and blockchain technology by launching educational programs, a startup incubator, and even mining hotels.
Moreover, the two partners with 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 business is very complex in Russia. The authorities even postpone the introduction of draft legislation to legalize cryptocurrencies several times. According to Mr. Sidorenko, a faculty member at MGIMO, the legal lab will ensure that the crypto and blockchain businesses are not violating any local laws. It will also make sure that the Russian blockchain firms are complying with the international crypto laws.
“In a situation when the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for the business,” Sidorenko said.
Vague Laws, But Full Support
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.