Russian Digital Settlement Exchange Exved Launches Cross-Border Payment Service
Russian digital settlement exchange Exved has officially launched its cross-border payment service, allowing local legal entities to conduct international settlements using Tether’s USDT stablecoin. The platform operates as a business-to-business (B2B) electronic platform that facilitates offshore orders for Russian importers and exporters. It aims to streamline cross-border payments without intermediaries at minimal market rates. Exved ensures compliance with Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures by exclusively collaborating with legal entities. The exchange supports settlements in non-resident rubles, US dollars, and USDT. In addition to simplifying international payments, Exved offers complimentary services for legal transaction documentation and acts as an escrow agent.
Exved Receives Approval from Bank of Russia
Exved has undergone testing and received approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation. The project aims to demonstrate that individuals can conduct transactions with lower fees compared to the typical 6-7%, paying only 2-3%. It also seeks to introduce specific mechanisms for implementing payment requests to enhance efficiency and cost-effectiveness in financial transactions. The approval from regulatory bodies adds credibility to Exved’s commitment to compliance and regulatory standards within the Russian financial landscape. The launch of Exved aligns with the agreement reached between the Russian central bank and the Ministry of Finance in September 2022 to facilitate cross-border settlements in digital assets.
Russia’s Push for Cryptocurrency Use in International Trade
In September 2022, the Russian Central Bank and the Ministry of Finance agreed upon draft legislation on the use of cryptocurrencies in international trade. This agreement aims to grant Russian nationals access to digital wallets and outlines the process of acquiring and utilizing cryptocurrencies in cross-border settlements. The launch of Exved’s cross-border payment service powered by Tether’s USDT stablecoin is a step forward in implementing this policy. It provides a platform for Russian legal entities to conduct international settlements more efficiently and cost-effectively, while complying with AML/CFT measures. Exved’s launch marks a significant development in Russia’s efforts to embrace digital assets for cross-border transactions.
Hot Take: Empowering Cross-Border Payments in Russia
Russian digital settlement exchange Exved’s launch of its cross-border payment service powered by Tether’s USDT stablecoin is set to revolutionize international settlements for local legal entities. With the aim of streamlining cross-border payments without intermediaries, Exved offers a B2B electronic platform that enables Russian importers and exporters to conduct offshore orders efficiently. By exclusively collaborating with legal entities and ensuring compliance with AML/CFT measures, Exved provides a secure and reliable solution for cross-border payments. The approval from the Bank of Russia and the Federal Financial Monitoring Service further solidifies Exved’s commitment to regulatory standards. This launch aligns with Russia’s broader push to facilitate cross-border settlements in digital assets, demonstrating the country’s determination to embrace cryptocurrency use in international trade.
By
By
By
By