According to an announcement from the company, the app will enable iOS and Android users in Russia to “access Huobi’s spot market and trade hundreds of digital assets and cryptocurrencies.”
Huobi also said that in spite of rumours of upcoming regulation on the crypto industry in Russia, the Russian market is “key” for the company’s strategy in the European region. Users in Russian already make up 10 percent of Huobi’s total spot trading volume.
Russia is “key” for crypto growth in the European region, says Huobi
Indeed, “despite recent speculation about new crypto regulation in Russia, we’re fully committed to this market and moving full steam ahead to give local users a more intuitive way to buy and trade crypto from their mobile devices,” said Ciara Sun, Vice President of Global Markets at Huobi Group.
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The phrase “new crypto regulation” likely refers to a new draft bill recently issued by the Russian Ministry of Finance that proposes harsh repercussions for Russians who fail to disclose their crypto holdings on their taxes.
Additionally, last month, reports emerged that Russia was blocking access to cryptocurrency websites ahead of a larger set of crypto regulations set to go into effect next year. These laws gives a definition to digital currency, and will allow exchanges to become “exchange operators of digital financial assets” if they register with the Bank of Russia.
Huobi has been steadily working to build Russian-language user community
Still, in spite of the forthcoming regulation, the potential for growth of the crypto market in Russia seems to be making the region too valuable for Huobi to pass up: Ms. Sun also commented that “Russia is leading the region in terms of crypto adoption, but it still has a long way to go before it reaches mainstream adoption.”
“With a population of over 144 million people, Russia presents a major growth opportunity for Huobi. For 2021 and beyond, we’re aiming to empower 100 million households worldwide to own digital assets and we see Russia playing a crucial role in this vision.”
Huobi’s statement also said that while the app is new, the company has been consistently working toward growing its Russian-language community over the past year. These efforts include dedicated channels for news and announcements, as well as Russian-language posts on platforms like Twitter and Telegram.