The Russian Association of Cryptocurrencies and Blockchain (RACIB) has announced that it has created a list of all companies that offer crypto-related products and services. The whitelist include companies from investment, crypto mining, Initial Coin Offerings, training, legal and marketing industries.<\/p>\n
Countering fraud in the crypto industry<\/strong><\/p>\n Since the start of this year, around $4.3 million has been lost by legal entities and individuals in Russia. The money was lost in various crypto-related investments organized by dubious incompetent companies and scammers. This is according to a report released by RACIB.<\/p>\n The association is also tracking suspicious ICO projects with the intention of building a registry that will enable participants to find trustworthy partners in the industry.<\/p>\n 50 companies verified<\/strong><\/p>\n The association announced that the registry will be built only from companies and organizations that have gone through voluntary verification. The verification will mainly seek to establish the reliability of the companies for purposes of building confidence in the industry. Some of the issues to be looked at during the verification will include experience and business reputation, financial sustainability, and no arrears of taxes and fees.<\/p>\n The association has announced that a total of 50 companies. According to the association, the listed companies are trusted after going through the whole verification process. Legal entities that wish to be included on the list can also apply. According to an update on the association\u2019s website, the verification process takes 10 days.<\/p>\n Additionally, the association has announced that more testing and verification is underway. One of the verification being done is the \u201ccertification for traders of crypto assets.\u201d Another one is the \u201ccertification for mining equipment suppliers,\u201d and \u201ccertification for mining farms.\u201d<\/p>\n Russian Crypto Bill Delayed<\/strong><\/p>\n Currently Russia is building a regulatory and legal framework for ICOs and cryptocurrencies. The bill is still in preparation stage. In 2017, Russian President Vladimir Putin\u00a0ordered that a regulation framework for ICOs and cryptocurrencies be in place by July this year. These laws have however been postponed up to September.<\/p>\n This registry will help customers to get trusted players in the market hence reduce the level of loss through scam among other fraudulent business activities.<\/p>\n","protected":false},"excerpt":{"rendered":" The Russian Association of Cryptocurrencies and Blockchain (RACIB) has announced that it has created a list of all companies that offer crypto-related products and services. […]<\/p>\n","protected":false},"author":32,"featured_media":41014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[13016],"tags":[13026,13291,13025],"stock_ticker":[],"class_list":["post-41013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-news","tag-blockchain","tag-blockchain-racib","tag-cryptocurrencies","entry"],"acf":[],"yoast_head":"\n