High Demand Prompts Japanese Bitcoin Exchange to Seek Partner in Russia

A major Japanese bitcoin exchange is looking to enter the Russian cryptocurrency market and is seeking a local partner. The exchange’s CEO says “demand is huge” and urges Russia to look at Japan as a model for cryptocurrency regulations.

Also read: Sberbank Apologizes for Buying Nearly All Graphics Cards on the Russian Market

Japanese Exchange Eying Russian Market

Quoine, which operates the cryptocurrency exchange Quoinex, is looking to enter the Russian crypto market, CEO Mike Kayamori told Russian news outlet Ria Novosti in an interview at the company’s headquarters in Tokyo this week. The exchange currently supports BTC, BCH, and ETH. At the end of September this year, the company became one of the first eleven in Japan to receive approval by the Financial Services Agency (FSA).

“The volume of our transactions last month amounted to 7-8 billion dollars in one month,” Kayamori revealed, adding that his exchange is actively looking for opportunities in Russia. He said:

I would like to work with someone in Russia, where we can also provide technology and a platform. Demand is huge.

Currently, “we do not work in Russia because we do not know how regulation there is. All the unknowns are a risk,” he added. “Therefore we would like to cooperate with any Russian progressive company that would be interested in cryptocurrency.”

The exchange has been actively expanding its operations of late. According to the CEO, the company is in talks with a number of foreign exchanges and financial institutions in countries such as the Philippines, South Korea, and China. Recently, Quoine partnered with fintech startup Blockwave to start cryptocurrency operations in Canada.

Russian Could Learn from Japan

As for expanding into Russia, Kayamori believes that “the most important thing is for the government to be consistent, to have confidence in what is good and what is bad.” He elaborated:

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 Japan is one step ahead.

Kayamori is not the only one suggesting looking at Japan as a model. In July, news.Bitcoin.com reported on Russian politician and the Presidential Commissioner for Entrepreneurs’ Rights, Boris Titov, proposing for the central bank to follow the Japanese model in regulating cryptocurrencies.

Currently, the Russian government is working on a regulatory framework for cryptocurrencies and initial coin offerings (ICOs). The regulations need to be implemented by July of next year, according to a mandate by president Vladimir Putin. This week, the Deputy Finance Minister announced that the bill should be ready by February.

Do you think more Japanese exchanges will want to expand into Russia? Let us know in the comments section below.

Images courtesy of Shutterstock

Need to calculate your bitcoin holdings? Check our tools section.