The exchange for cryptocurrencies of Chinese origin, Huobi, has just integrated the Russian ruble into its services. Thus, from now on, users and clients will be able to make deposits and withdrawals, in addition to buying and exchanging crypto assets with this currency within the platform.
Until recently, Russia's national currency was not supported for most of the services offered by the exchange. Only users could trade with the Russian ruble. A feature that was activated by Huobi, for this coin, at the end of September 2020, and that was announced by the vice president of global markets of Huobi Group, Ciara Sun. At the time, Sun claimed that the exchange was fully committed to expanding its services in the nation, despite looming regulations for cryptocurrencies and digital assets in the country.
Since last January 1, the new Cryptocurrency Law "On Digital Assets" or DFA of Russia came into force. The largest and most important regulation project on this industry in the country. The new law provides a legal character to cryptocurrencies, allowing their commercialization and use as investment assets and store of value. Although, it prohibits its use as a method of payment and exchange of value.
AdvCash, key element in Huobi's expansion
In its statement, Huobi confirmed that the integration of the exchange's new services, with the Russian ruble, has been thanks to the collaboration of AdvCash. It is a leading provider of payment solutions that integrate fiat money and cryptocurrencies.
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Thanks to this integration, users can now use the national currency to buy and trade with several of the main cryptocurrencies on the market. Those of greatest interest and demand today. Such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), EOS (EOS), Bitcoin Cash (BCH), Ethereum Classic (ETC), Bitcoin SV (BSV), Dash (DASH), Huboi Token (HT) and Huobi Pool Token (HPT).
AdvCash offers a wallet or purse solution, with which users can deposit, withdraw, receive and buy RUB. However, the amount of money that can be used in these operations is limited. For example, the minimum amount for deposits is 200 RUB, which also applies to the minimum withdrawal amount. For its part, the maximum amounts correspond to 100,000 RUB for deposit and 50,000 RUB for withdrawal. The latter are equivalent to about $ 1,350 and $ 700 USD, respectively.
Strict KYC standards
In addition to limitations on deposits and withdrawals, users who want to use these services must also abide by strict Know Your Customer (KYC) rules. Although Huobi notes that the entire AdvCash registration process is simple and straightforward, users and customers will need to complete and verify all of their personal details before trading with the RUB. The exception to this requirement only applies to those who are already registered on the platform and who have used its services before.
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The platform will also keep a permanent record of all operations carried out by users. And as the statement indicates, this record will be easily accessible to each client and account holder.
10% of the total volume of crypto spot trading comes from Russia
Huobi also announced that it will establish a promotional period in which it will offer discounts to its customers. They will be able to receive a saving in the commission rates per transaction, which vary from 0.99% to 2.49%. Something that will be very attractive and will help the exchange to increase the participation of its users. In particular, from Russian investors and users, one of the markets with the highest volume in the industry. In fact, the exchange revealed that close to 10% of the total volume of crypto spot trading comes from Russia. This being one of the most influential markets within the crypto exchange platform.
Chainalysis, the famous blockchain intelligence and analytics firm, ranks Russia as the second largest crypto adopter in the world. Surpassed only by Ukraine. According to the firm, Russia has a score of 0.931 on its adoption level weighting, where the maximum score is 1.
Huobi also announced that in the future it hopes to integrate new supports to provide services in other fiat currencies of the world.
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