Government opinion, Regulations, Top stories

Russia plans to accredit ICO companies

Russia plans to accredit ICO companies based on their compliance with certain regulations and criteria. This is according to an interview conducted by RBC TV channel with the head of the department at the Russian ministry of communications, Nikolay Nikiforov.

“This is a digital product that you can buy and sell. You need to define a set of criteria and rules in which this can be done for Russian rubles in the Russian jurisdiction, etc” Nikolay said.

When asked about the legalization of ICOs, Nikiforov’s statement shows Russia plans to accredit ICO companies.

“They have to release some accredited organizations. This may not be amateur unlimited number of entities. These digital tokens probably should be allowed to buy Russian rubles. I hardly need to allow some foreign exchange operations with them is contrary to the essence of our banking laws”

This is a follow up of a draft law which was published by the Russian ministry of finance on digital financial assets a few days back. According to the draft law, tokens could be exchanged only through an exchange operator of “digital financial asset”. According to the bill, unskilled investors can only invest a maximum of 50,000 rubles in digital assets.

Nonetheless, the minister of communication thinks it is irresponsible to allow all token issuers to operate and is in favour of only issuers who follow certain regulations and criteria. It yet to be seen the criteria which he will propose.

However, he is in favour of the state protecting local cryptographic specialists who are championing the blockchain technology.

As Russia plans to accredit ICO companies, do you think it is the best approach towards token offerings and will turn out to protect its citizens as they aim to have it?

Let us know in the comment section below.

Leave a Comment

Your email address will not be published. Required fields are marked *