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Russian lawmakers devise plan to create a state-run crypto exchange

Russian lawmakers have come up with a plan that could lead to the creation of a Russian state-run crypto exchange. According to reports by Vedomosti, a popular Russian media outlet, the members of Russia’s parliament are working on a draft amendment that included the creation of a national crypto exchange. The talks about the state-run […]

The post Russian lawmakers devise plan to create a state-run crypto exchange appeared first on CoinJournal.

Russian lawmakers have come up with a plan that could lead to the creation of a Russian state-run crypto exchange. According to reports by Vedomosti, a popular Russian media outlet, the members of Russia’s parliament are working on a draft amendment that included the creation of a national crypto exchange.

The talks about the state-run exchange are said to have been ongoing since mid-November with sources saying that MPs discussed the issue with market participants likely from the Russian crypto industry.

One of the MPs, Sergey Altukhov, who is a member of the ruling United Russian Party was quoted saying:

“It makes no sense to say that cryptocurrencies do not exist. But the problem is that [crypto] circulates in a large stream outside government regulation. This represents billions of rubles worth of lost budget revenue – in the form of untaxed income.”

Why a national crypto exchange?

International sanctions after Russia invaded Ukraine have hit Russian financial and trading firms hard. However, some companies in the country have been experimenting with crypto-powered transactions, allowing customers to bypass the SWIFT messaging system and banks.

But the Russian Central Bank is vehemently anti-crypto and purposefully refuses to allow crypto into the Russian economy.

Creating a national crypto exchange would therefore allow trading firms to pay and receive crypto payments from internal and foreign partners without restrictions. The exchange is expected to facilitate companies trying to supply domestic customers with imported goods.

The post Russian lawmakers devise plan to create a state-run crypto exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Binance re-enters the Japanese market with purchase of SEBC exchange

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. KEY TAKEAWAYS SEBC is a Japan Financial Services Agency (JFSA) regulated entity. By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange. At the time of the Binance acquisition, […]

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.

KEY TAKEAWAYS

  • SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
  • By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
  • At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.

Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.

Expanding into Japan

In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.

In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.” 

At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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