Back to the list

Blacklisting of funds and cryptoprojects

16 July 2018 15:41, UTC
Catherine Lange

Today it has become known that a "white" list of participants in the crypto industry appeared in Russia. The Russian Association of Cryptocurrency and Blockchain (RACIB) has created its own register of trusted companies, providing services in the sphere of mining, investing placement of funds, as well as legal, preparation and holding of the ICO.

Undoubtedly, the "white" list is good, but the participants of the crypto community are more interested in the "black" list. According to the director of the RACIB, Arseniy Scheltsin, such a list will appear, but right now the association is not ready to voice the names of fraudulent organizations, because such approval requires the court's decisions and specific victims. At the moment, RACIB is looking for victims of unscrupulous projects.

"Since now there is no single international structure that would control illegal organizations, also most of the actions do not need to be registered or can not be registered at all. There are funds that are covered by foreign jurisdictions, but in fact they do not properly register it. Further the money will go to purses, which the Fund does not determine or prove. In particular, due to the lack of legal framework.

There are also those who are engaged in not quite transparent activities, that leads to the withdrawal of funds from the markets and the loss of investors' funds. When entering a large business it is important to check all the documents and the presence of a legal entity.

Regarding trading and mining, we will additionally make an industry license and carry out a more thorough examination of the competence of organizations, whether they can provide the declared services. " - told Bitnewstoday Director of the RACIB Arseniy Scheltsin.

Indeed, the question of the legality of the actions of various organizations engaged in mining is quite acute. Director bitbaza, participant of RACIB and expert council of the State Duma, Daniil Zakomolkin specially for Bitnewstoday commented on the following:

"The market for distributed computing in Russia urgently needs to distinguish proven service providers from scammers and amateurs. There have always been unscrupulous dealers, but now against the backdrop of the depreciation of currencies and the balancing of mining at the margin of profitability: the market was flooded with unlicensed, used, spoiled miners, which the dealers are trying to sell all the way like new ones.

Often, the "gray" sellers are purposefully dumped to attract buyers, but they do not provide the required package of documents: contracts of cooperation with the manufacturers of miners, the supply agreement, the notification of the FSS, the certificates of conformity, the customs declaration (GTD) issued on the territory of Russia, units of equipment. Thus, unscrupulous suppliers deceive buyers and produce illegal imports of equipment, which, accordingly, can not be put on balance.

Checking the service providers in the mining will allow inexperienced, and indeed all customers, to orient among the sellers and not to lose money invested in the "gray" money mining because of the desire to save a little bit. Also, having a list of trusted mining companies and focusing on it will increase the confidence in the industry of crypto-currency in Russia as a whole, reducing the likelihood of a clash with scammers."

The director of the association, Arseniy Scheltsin, told us what criteria should be taken into account when selecting a company to perform crypto operations:

"In the case if this is mining, then we need to look at how legal the company brings the equipment, whether it is making it competently, to look at the contract, to check it, whether the rights to equipment go right, because even if you sell by a legal entity, it can sold so that ownership of this equipment will remain with the seller company and so on.
Regarding trading, you need to look directly at experience, on documents, on what contracts you invest funds, collect statistics of previous months, look at the legality of the other services and related activities."

Package of required documents

  • documents on registration of the company
  • cooperation agreements with manners and equipment manufacturers (pay attention to the design of the equipment in the property)
  • supply contract
  • notification of the FSS,
  • certificate of conformity
  • customs Declaration (SCD) issued on the territory of the Russian Federation, indicating the serial numbers of units of equipment.

If you don't have something, you're already on the “gray” list. And until black - two court sessions.