The major Japanese Bitcoin exchange is seeking to build the partnership with Russian crypto market. The “demand is huge” and desires for Russian to consider Japan for cryptocurrency regulations.
Japanese exchange checks out Russian market
Mike Kayamori, CEO said, the Japanese exchange, Quoinex is trying to enter the Russian market. Presently, the exchanges support BCH, ETH, and BTC and it is the first in Japan to receive approval by Financial Services Agency(FSA).
Kayamori reveals that about their last month transactions subjects to 7-8 billion dollars. Further, added that his exchange is actively looking for opportunities in Russia.
“I would like to work with someone in Russia, where we can also provide technology and a platform. Demand is huge. But, we do not work in Russia because we do not know how regulation there is. All the unknowns are a risk. Therefore, we would like to cooperate with any Russian progressive company that would be interested in cryptocurrency”.
Moreover, its high time for the exchange that now its actively expanding its operations. Thus, CEO says that company is under several foreign exchanges and financial institutions in countries like South Korea, Philippines, and China.
Russian could learn from Japan
As for entering the Russian market, Kayamori believes that several significant things are that government must be stable. As to differentiate confidently on good or bad.
“The Russian authorities and Russian institutions should simply look at Japan, on the existing guidelines and regulations, and then transfer them to Russia. Singapore is also looking at how it is done in Japan because it is one step ahead”.
As earlier, Boris Titov, Presidential Commissioner for Entrepreneurs Rights and Russian politician, proposing the central bank to follow the Japanese cryptocurrencies regulations.
Furthermore, the government of Russian is now working on a regulatory framework for ICOs and cryptocurrencies. According to Vladimir Putin, the implementations of regulations will be on next year by July.