KICKICO, the Russian cryptocurrency company, announced in a blog post Wednesday (Sept. 6) that it has inked a strategic alliance with Metaverse Foundation of China and Eric Gu, founder of ViewFin, to build a Russian-Chinese crypto community.

“So far it is the biggest and the most notable deal between Russian and Chinese blockchain companies. We have enormous plans, including building Russian-Chinese crypto-community, consulting blockchain startups, listings on crypto-exchanges,” wrote KICKICO CEO Anti Danilevski in the post. He said KICKICO will be used as a platform for Russian and Chinese projects working with both the company and Metaverse. “The next big step of the alliance will be the Russian-Chinese crypto-fund which will appear right after the Chinese regulators give more clearness regarding the blockchain technologies and crypto-currencies status.

We will build solid partnership with Eric and his Metaverse Foundation,” the executive wrote.

The move on the part of the two companies come as both Russia and China are expressing concerns about the unregulated ICO market. Earlier this week Russia’s central bank issued a statement warning investors about the risks of cryptocurrency and ICOs. “Given the high risks of circulation and use of cryptocurrency, the Bank of Russia considers it premature to admit cryptocurrencies, as well as any financial instruments nominated or associated with cryptocurrencies, to circulation and use at organized trades and in clearing and settlement infrastructure on the territory of the Russian Federation for servicing transactions with cryptocurrencies and derivative financial instruments on them,” the translated statement read, according to CoinDesk. China took it a step further earlier in the week banning ICOs. TechCrunch reported that the nation’s central bank said ICOs have “disrupted the economic and financial order.” The order comes as the controversial fundraising activities for bitcoin blockchain have drawn attention and no small share of scams. The industry itself, said CNBC, is worth hundreds of millions of dollars. The order, as noted by Chinese-language financial news site Caixin, was handed down by a committee studying internet-based financial risk, which offered up a list of 60 exchanges that will be inspected and reported on. The freeze remains in place until then.