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New Registry for Whitelisted Cryptocurrency Businesses in Russia

A new record of whitelisted firms that provide Crypto-related products and services been developed by the Russian Association of Cryptocurrencies and Blockchain (RACIB). In addition, the much-awaited bill to monitor the virtual currencies in the country has been deferred until the development of the Financial Action Task Force on Money Laundering (FATF) policies.

Whitelisted Cryptocurrency Firms In Russia

Finally, a new list of Crypto companies in Russia has been created by the Russian Association of Cryptocurrencies and Blockchain (RACIB). The businesses included in this list include those involved in initial coin offerings (ICOs), Crypto Mining, investment, promotion, legal services, and training on Cryptocurrencies.

RACIB has confirmed that various businesses and individuals in the country have lost over 270 million rubles [~US$4.3 million] to scammers and companies dealing with the Cryptocurrencies. The agency has already started to track the unfair ICO projects to enhance investment in the sector. The new registry has been hailed as it will make it easy for industry participants to identify genuine partners to deal with.

Moreover, the list will make it easy for both the Russian and foreign participants to only work with trusted businesses. This will help in reducing the risk of fraud in various sectors of the industry such as mining, Crypto exchange, and ICO among others. Overall, the new registry is expected to enhance trust in the sector and help in making it more reliable.

50 Companies Now Registered

So far, the whitelist by RACIB consists of 50 companies. Currently, the agency is verifying about 30 applicants. The associated has said that the list contains only businesses that accepted to take part in the voluntary verification of the reliability process. The process involves consideration of factors such as financial sustainability, certification, expertise and business reputation, and tax and fees arrears among others.

RACIB has said that the listed firms are trusted organization that has been through the agency’s verification process. The application is done online and is open to legal businesses in the country. The agency has said that the exercise takes an average of 10 days. The organization posted on its website that the exercise is currently not open to third-parties.

The Russian Crypto Bill To Wait For A Little Longer

Meanwhile, it has been revealed that the much-awaited crypto bill to regulate the Cryptocurrency sector in the country has been delayed. The bill “On Digital Financial Assets” is already in the preparation stage, even after passing the first reading in the country’s parliament in May. Last year, Russian President Vladimir Putin had requested the new law to be ready by July. However, the head of the State Duna’s group tasked with carrying out a risk assessment of the Cryptocurrencies, Elina Sidorenko noted that this will not be possible.

She told Hash Telegram that the new law will only be passed after the development of the Financial Action Task Force on Money Laundering (FATF) measures that address the risks associated with the use of Cryptocurrencies. She added that the FATF’s new measures were expected to be discussed between June 27-29 but has since been postponed to September forcing the country’s parliament to push the passing of the new law to the same month too.

Sidorenko also noted that at the State Duma, there are already numerous bills to be passed. Moreover, there are various different ways of defining Cryptocurrencies and tokens. She added that the country’s Central Bank is of the opinion that the virtual currencies lack the much needed economic resources to replace fiat currency in free economic circulation.

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