Huobi, one of the largest cryptocurrency exchanges by trading volume, has entered into another partnership agreement with the Russian state Bank Vnesheconombank (VEB). Under the new agreement the organization will create a legal center, designed to accelerate the implementation of the blockchain in Russia.

We will remind, last month the Singapore stock exchange announced the opening of branches in Russia and the launch of localized versions of the website. 12 November saw the official opening of the Russian branch, which has a round the clock support for Russian-speaking clients from Russia.

In early December, Huobi officially launched cryptocurrency exchange. In addition, the company opened a specialized center to help the Russian companies to enter the cryptocurrency market.

In addition to joint work on a startup-incubator and cryptocurrency exchange Huobi, and Vnesheconombank plan to run a number of educational initiatives in the field of blockchain. So, Huobi is going to work closely with Vnesheconombank in the framework of the “digital transformation” of the Bank. It is the largest center in Russia, providing specialized support to private and public companies and learning the latest technologies in the fields of management and digital economy.

Under the new agreement Huobi and Vnesheconombank will open a legal laboratory, which will provide legal assistance to the Russian companies, aspiring to build a business in the field of cryptocurrency and blockchain. Laboratory experts will also participate in development of legislative acts regulating Russia in the emerging cryptocurrency industry.

Support organizations will implement one of the nation’s leading Universities — Moscow state Institute of international relations (MGIMO). For the post of head of the laboratory appointed Elina Sidorenko, head of the working group on cryptocurrencies in the State Duma.

Sidorenko said that the legal task of the laboratory is to ensure that industry participants do not violate local laws. In turn, lawyers Huobi needs to ensure that the activities of Russian companies in accordance with international laws.

“At a time when the regulatory framework is evolving slower than the digital industry, legal support for business is vital,” said Sidorenko.

It should be noted that representatives of the Russian kriptonyte often face difficulties in complying with local laws. The problem lies in the ambiguity and lack of elaboration of relevant laws. So, in the latest version of the law “On financial digital assets” do not exist key concepts — “cryptocurrency” and “mining”. Despite the protest of the crypto community, Deputy Chairman of the government Maxim Akimov said that the authorities do not plan to make the law new amendments.