The Russian Association of Cryptocurrencies and Blockchain has created a registry consisting of the whitelisted companies that deal in cryptocurrency related products and services. This includes firms in areas like crypto mining, investment, marketing, initial coin offerings(ICOs) etc.
The Association noted that since the beginning of the year, these legal entities have already lost more than $4.3 million from schemes created by scammers and incompetent companies. They have already started tracking unfair ICO projects and created the registry to know who the legitimate and trustworthy companies in this sphere are. The Association explained:
The list of trusted companies will allow Russian and foreign market participants to base their work on trusted organizations and minimize the risk of fraud in the creation and development of Russian or foreign business in the field of mining, trading with cryptocurrency, blockchain technology and ICO.
The association further elaborated that the registry contains those organisations that have gone through a voluntary verification of reliability. The criteria for qualification includes financial sustainability, experience and business reputation, lack of judicial judgments, availability of licenses and certificates and no arrears of taxes and fees. The Association also stated that at present, the registry contains 50 companies. It further emphasized that these companies are trusted organizations that have passed the verification procedure.
Any entity that wants to be considered needs to apply online. The Association’s website states,
The average period for document review is 10 days. At this time, third-party verification is not performed.
The Association is already working on additional verification in three areas. These include, ‘certification of traders of crypto assets’, ‘certification of mining equipment suppliers’ and ‘certification for mining farmers’.
This news comes at a time when the Russian Crypto Bill on the regulation of cryptocurrencies and ICOs in Russia has been delayed. However, this registry is hoped to provide a list of trusted players in the market and therefore reduce the damage through scams and other fraudulent activities.
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