Russia Creates Whitelist for Crypto-Companies

Russia’s crypto-blockchain association now possesses a whitelist register containing every business providing related services and products. Unlike the new register, the government has paused its filed application for digital asset regulations within the country.

The list

The RACIB is just finished compiling its new whitelist of firms and agencies related to crypto within its borders. Among the listed businesses are a wide array of service and product providers, including those involved in mining, trading, investing and several other crypto-related activities.

Russia’s government and residents have seen losses resulting in almost five million dollars due to fake businesses and criminals making illegal investments in the cryptosphere as the association declared. The RACIB has been conducting several crackdowns on suspicious initial coin offerings and created the list for interested investors and companies to be able to access an organized and legitimate record of certified partners.

The associated stated that the whitelist will be a gateway for local and overseas investors looking to launch their projects and businesses with legitimate partners and cut down on threats associated with cryptocurrencies that may sabotage or hinder blockchain and crypto advancements in the country or internationally. As of now, over fifty companies are fully registered on the whitelist and thirty additional companies are undergoing verification. The registry contains every member company that has passed the RACIB’s qualification of its own volition. These qualifications include sufficient funding, reputation within the industry and more.

According to the website, registration for the list is present online for any volunteering company operating within Russia and a standard ten-day pending review is present. Three separate qualifications are also being developed involving assets, mining resources and fields.

The Bill

As of now, Russia’s initial coin offering and the regulation bill is being delayed, placing the bill in its development phase. President Putin demanded the full legitimization of digital assets and offerings to be complete this month, making the order in 2017. This process has been delayed and pushed a few months as of recently. 

Duma’s head executive, Elina Sidorenko, spoke about the bill and its current pause, stating that once the FATF regulations regarding crypto-laundering, the bill will resume is review and implementation. She explains the importance of the task force and its regulations before the bill is passed due to the difficulty of maintaining regulations without them.

Adding, she stated that Russia’s central bank isn't faithful regarding the proper tools and resources for digital assets to perform at their best in public circulation. 

2 years ago

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