Businesses based in Moscow have launched a new service dedicated to people who are trading cryptocurrency. These are private security firms that provide protection for those who buy & sell crypto assets for cash.

The companies involved have also expressed their support in investigating the crypto theft. Confused, the police regard the new initiative as an unnecessary service, considering that cryptocurrencies don’t benefit yet from a fixed regulation in Russia.

Several security companies based in Moscow have begun to offer protection to those who are involved in crypto offline activities. The idea of creating such a service stemmed from the increasing number of thefts occurred in the crypto markets. Offline transactions typically take place in public spaces and accessible to anyone, involving a mobile or hard wallet device as well as a cash transfer.

In recent months, Russia‘s media have reported numerous incidents of fraud, virtual theft, and identity theft. Police officers are still investigating the cases. The fact that cryptocurrencies aren’t yet regulated in Russia, offers a higher level of difficulty in resolving such cases. For this reason, security firms have agreed to intervene and support the authorities.

It was found that most of the crypto frauds have occurred during the crypto-fiat transactions on the streets. Russians who prefer direct transactions have the goal of avoiding fees charged by online platforms.

Prices start at $ 15 USD

Taking into account the information mentioned above, crypto frauds has led to the creation of a new need, namely the protection of crypto deals that take place offline. A number of Moscow-based security companies have already begun to provide such service to buyers and sellers of crypto assets. Prices for this start at 1,000 rubles/hour, which is approximately $ 15 dollars. If the client requests a private car and a guardian, the price increases.

The companies are aware of the laws in force, thus people who purchase this service will need to sign a contract. The agreement includes “a suitcase with cash and a hard wallet with cryptocurrency“.

“The cost of our services depends on the amount of the transaction – we are charging a percentage. We also offer services abroad, as cryptocurrency is an international phenomenon,” stated Natalia Kurovskaya, owner of one of the security companies.

She added that it’s important that security companies support the elimination of crypto frauds, the aspect the police can’t fulfill individually.