Exved, a platform for participants in foreign economic activity, is starting to operate in Russia. The service offers assistance services with currency and cryptocurrency transfers. Only legal entities will be able to submit requests in b2b mode. The main public partner of the new platform is IndefiBank.

The development of the Exved platform, as Bits.media learned, has been underway for the last six months. Technical accounts and domains were registered just before the launch of the site, in early December. IndefiBank was directly involved in the creation of the project. Exved’s other partners include major brokers in the international payments market, but their names have not yet been announced.

The platform provides services for searching for counterparties among participants in foreign economic activity – in order to speed up legal foreign trade settlements, including using cryptocurrencies. It also provides free advice on drafting contracts and provides guarantor (escrow) services.

Now the site does not expect to receive any profit or income, IndefiBank CEO Sergei Mendeleev told Bits.media. Exved acts as an auxiliary tool for real participants in the cross-border payments market.

Only legal entities can be clients of the site. They are the ones who can legally participate in foreign economic activity in Russia. We are talking about procedures such as currency control. There are other platforms for individuals to purchase cryptocurrencies, added partner Exved.

Exved uses its own mechanism to verify that participants in currency/cryptocurrency exchange transactions do not have problems with the law. The mechanism includes a KYC (AML/CFT) module that works for individuals and legal entities through the Ministry of Internal Affairs (MVD) and the Federal Tax Service (FTS). As well as an AML (AML/CFT) panel for cryptocurrencies with adaptation to fiat and the conditions of the federal law on money laundering. That is, the system checks whether a person is a terrorist, extremist, foreign agent, is under sanctions, whether there are any debts and unpaid taxes, restrictions from banks. In addition to this screening, Exved management strives to personally get to know potential applicant companies by studying the profile and history of activities.

This fall, Russian Prime Minister Mikhail Mishustin said that the government was going to establish cross-border payments in digital assets using blockchain. The authorities are already analyzing the legal and technical aspects of this initiative.