A major Japanese Bitcoin exchange is on the lookout for a local partner and collaboration with the Russian digital currency market. According to the exchange’s CEO, they are maximizing the enormous demand to urge Russia to consider Japan as a model for cryptocurrency regulation.
Quoinex virtual currency exchange operator Quoine is eyeing the Russian crypto market. During an interview at the company’s headquarter in Tokyo this week with Russian news outlet Ria Novosti, CEO Mike Kayamori said the company is looking to enter the Russian market. The exchange supports Bitcoin, Bitcoin Cash, and Ethereum. The company is among the first eleven in Japan to receive the approval of the Financial Services Agency (FSA) at the end of September this year.
Kayamori revealed that the volume of their transactions on the past month alone amounted to $7-8 billion. He also expressed their active effort to be able to work with Russia who can provide them with a technology and a platform for the growing demand.
Kayamori stated that the reason why they are not yet working with Russia is that they are not familiar with the way the country regulates cryptocurrencies and therefore, they are afraid to take the risk. He added:
“Therefore we would like to cooperate with any Russian progressive company that would be interested in cryptocurrency.”
The exchange is deliberately expanding operations by having a dialog with several foreign exchanges and financial institutions in countries such as the Philippines, South Korea, and China. A little while back, Quoine confederated with Fintech startup Blockwave to begin digital currency operations in Canada.
Kayamori elaborated that in expanding into Russia, it is essential for the government to be consistent and have a sound judgment on what is good or bad. The Russian institutions and authorities should refer to and adopt Japan’s guidelines and regulations. He also emphasized that Japan is one step ahead of Singapore regarding how it is done.
The CEO is not the lone supporter of looking at Japan as a model. In a report in July, Boris Titov, Russian politician and Presidential Commissioner for Entrepreneur’s Rights, proposed the central bank to follow the Japanese model in regulating virtual currencies.
The Russian government is working on a regulatory framework for Initial Coin Offerings (ICOs) and cryptocurrencies. Russian President Vladimir Putin mandated the regulations to be implemented in July 2018. The Deputy Finance Minister declared this week that the bill should be available by February.