Huobi partners with Russian bank to create a 'legal lab' for Russian crypto

30 Dec, 2018
by Arthur Sillers
Huobi partners with Russian bank to create a 'legal lab' for Russian crypto

According to News.Bitcoin, Huobi has partnered with Russia's centrally owned bank Vnesheconombank (VEB) to create the Huobi Legal Lab  which will offer legal services to blockchain and crypto businesses.

In a murky regulatory space, blockchain and crypto endeavors see themselves facing the possibility of legal action almost constantly, and in response to this reality, Huobi apparently sees an opportunity to provide legal advice. The head of the Huobi Legal Lab will be Elina Sidorenko, who is also the chairwoman of the Moscow State Institute of International Relations. She commented, 'in a situation when the regulatory framework is developing more slowly than the digital industry itself, legal support is vital for business.'

Read more: BBC reports on "Bitcoin Babushkas" - Russian grandmothers mining BTC 

Indeed, Russian crypto companies have found it difficult to comply with opaque and unspecified laws in the country, which have gone through rapid changes within the last year, and are unevenly enforced. Russia has recently been making major attempts to cut through the legal uncertainty, creating legal education commisions, and a new arbitration body to deal with disputes as they arise.
Russian interest in cryptocurrency is rising, with the government announcing interest in a state-backed cryptocurrency , and recent reports discovering that Russia and Venezuela represent the largest use of LocalBitcoins trading services. As Russian cryptocurrency develops faster than its legal apparatuses can adapt, entities like Huobi Legal Labs will likely have more than their share of work to do.

Read more: Russian minister calls BTC "soap bubble" but admits it's a catalyst for innovation 

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Read more about: Huobi Russia

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