The Russian Association of Cryptocurrencies and Blockchain (RACIB) has created a registry with a list of crypto companies that provide products and services. This whitelist includes firms from various sectors like crypto mining, initial coin offerings (ICO), marketing, investment, training, and legal. The RACIB association has set off to track unfair ICO projects and envisages finding trustworthy partners in this space.
As per the Bitcoinnews, individuals and legal firms in Russia have lost nearly $4.3 million by participating in crypto-related investments strategically organized by scammers and unapt companies. The association has clearly stated that the registry has listed exclusive crypto companies that have undergone voluntary verification of reliability according to the Bitcoinnews. The criteria of this registry include experience in crypto business, reputation, financial sustainability, valid licenses, necessary certifications, the absence of judicial judgments, and no arrears of taxes and fees.
Currently, the RACIB has over 50 crypto companies and these companies have cleared the verification process successfully. Some of the additional testing and certifications in three different areas are expected shortly and these are “certification for traders of crypto assets”, secondly, “certification for mining equipment suppliers” and the third is a “certification for mining farms.”
The legitimate structure for the regulation of cryptocurrencies and ICOs in Russia is in the groundwork stage. With the first reading of the bill “On Digital Financial assets” has been passed in the State Duma, according to Bitcoin News.
Adopting Financial Action Task Force (FATF)
According to the report, Russian President Vladimir Putin has ordered to regulate cryptocurrencies and ICOs. Elina Sidorenko states that the Russian laws are adopted once the Financial Action Task Force (FATF) standards are designed by considering the risks of using cryptocurrency.
Any legal crypto company aspiring to be on the list of RACIB can apply through online. The time taken to review document is 10 days and third-party verification during this time is not allowed.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]