Offerings associated with crypto-assets or crypto-services can now be made through whitelist companies, the Russian Association of Cryptocurrencies and Blockchain. A legal registration of the companies is now provided by the RACIB, so as to render more trustworthy platforms for the exchange of these digital assets.
In correspondence to the specifications provided by RACIB, a number of Russian citizens have come under the influence of fraudulent companies and individuals, this year. The total scammed value under crypto investments is estimated to cross 270 million rubles [~US$4.3 million]. However, the task of identifying and eliminating the unauthorised ICO projects has already begun. It is being expected that the investors will soon be furnished with an ethical environment.
“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 Russian Association has further elucidated about the whitelist of crypto companies,
“At the moment, the registry includes more than 50 companies.”
The application process for registration is open to any corporate body in Russia. Three sectors are to undergo additional testing and certification, which include, “certification for traders of crypto assets,” as the first one, “certification for mining equipment suppliers,” the second, and lastly “certification for mining farms.”
Regarding in parallel, the Russian Lawmakers have deferred the bill- regulating cryptocurrencies, for now.
The President to Russia, Vladimir Putin, had announced for the finalization of the decision over regulating cryptocurrencies in July. Nonetheless, last week it has been written, “consideration of draft laws on cryptocurrency was postponed to September.”
Elina Sidorenko, a member associated with State Duma and its affairs, says:
“The Russian laws will be adopted after the FATF [Financial Action Task Force on Money Laundering] standards are developed with respect to the risks of using cryptocurrency.”
She further explains that,
“Now in the State Duma there are several bills at once. And they are very different approaches to the definition of cryptocurrencies and tokens…The Central Bank believes that cryptocurrencies and tokens now do not have sufficient economic resources to function fully in free economic circulation.”