Russia Whitelists 50 Crypto Companies, but Rules Still on Hold

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Russia Whitelists 50 Crypto Companies, but Rules Still on Hold

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A register of 50 whitelisted companies has been compiled by the Russian Association of Cryptocurrencies and Blockchain, reports

The list of companies, consisting of firms which are either approved and awaiting verification by the Russian regulators, includes cryptocurrency sectors from crypto mining to ICOs.

Russia is currently consumed with regulating the industry, in a turnaround which earlier this year had Vladimir Putin’s economic advisor, Sergei Glazev stating that cryptocurrency could be used to carry out “sensitive” state activities, such as avoiding sanctions imposed by foreign governments and private companies. A national crypto ruble was conceived and rejected.

Meanwhile, cryptocurrency regulation in Russia has been delayed, and president Putin recently suggested that people should treat cryptocurrency cautiously since it was not supported and that the Central Bank of the Russian Federation did not consider cryptocurrency a means of payment or a store of value.

Blockchain continues to receive support among researchers in the country. The government is actively looking at how blockchain may be used to improve the workability of its defence and information systems, along with NATO and the Pentagon.

RACIB has said that part of its plan is to track what it regards as unfair ICO projects after an estimated RUB 270 million (USD 4.3 million) had been lost to illegal cryptocurrency activity or scams. The idea of the register is to shortlist companies which the body can verify as bona fide operators.

A statement by RACIB said that the new register “…consists exclusively of organizations that have undergone voluntary verification of reliability” which was based on “financial sustainability, experience and business reputation, lack of judicial judgments, availability of licenses and certificates (if necessary), [and] no arrears of taxes and fees”.

Russia’s position on the regulation of cryptocurrencies and ICOs is still awaiting clarification although the first bill “On Digital Financial Assets” successfully passed its first reading in the Russian Duma in May.


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