Huobi opens Russian office in partnership with state bank

Last week Singapore-based cryptocurrency exchange Huobi officially launched its first branch in Russia. The new exchange, dubbed Huobi Russia, is established in partnership with the state-owned Vnesheconombank (VEB) Digital Transformation Center and supported by Huobi’s regional exchange partnership program, Huobi Cloud.

The Center of Digital Transformation was created by VEB to promote blockchain.

Back in September of this year, Huobi first joined Russia’s VEB Innovation Fund and became a resident of the Digital Transformation Center to share experience on crypto regulation, with the fund’s CEO claiming that Huobi’s expertise will assist in building a “legal basis that could compete with current promising jurisdictions.”