Russia's blockchain and cryptocurrency alliance has created a registry of firms that offer blockchain and crypto-related products or services in the country.

The white list, published by the Russian Association of Cryptocurrencies and Blockchain (RACIB), includes the names of companies which are involved in cryptocurrency mining, investment, training, marketing, legal, and initial coin offering (ICO) related services.

The white list includes more than 50 companies, which are "trusted organizations which have already passed the verification procedure," according to RACIB.

The firms' entry into the registry is made possible only after successfully undergoing a three-stage verification procedure. They are, "certification for traders of crypto assets," "certification for mining equipment suppliers" and "certification for mining farms."

RACIB estimates that crypt-blockchain firms have lost more than $4.3 million from fraudulent schemes organized by scammers and incompetent companies, which never took off.

"The list of trusted companies will allow Russian and foreign market participants to base their work on trusted organizations and minimize the risk of fraud in the creation and development of Russian or foreign in the field of mining, trading with cryptocurrency, blockchain technology and ICO", RACIB said.

In a move to make the Russian crypto industry more transparent, Russia's Ministry of Finance is planning to prepare a registry of crypto investors.

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