Russia reveals its draft bill regarding the regulation of ICO

The Russian minister of Finance has unveiled its proposals for the regulation of the ICO in the bill this week. They also include the maximum amount that it is possible to raise through a ICO as well as an investment limit for players in the sector.

This announced comes after weeks of expectation for the establishment of a regulatory framework designed to regulate the market of crypto-currencies. If this law is implemented, Russia could become the first european country to benefit from such a device.

The proposed boundaries for the ICO

The Russian minister of Finance has prepared a draft law which must be submitted today. The vice-minister of Finance, Alexei Moiseev, has described the device, as reported by Tass on Wednesday. Thus, it has been defined that an ICO may throw a maximum of 1 billion rubles, or approximately $ 17.3 million, and each investor’s non-qualified will be able to invest close to 50 000 rubles, equivalent to 864 dollars.

Here are the details of this announcement :

He said that a qualified investor can invest any amount. Currently, the ICO and the crypto-currencies are not yet regulated in Russia. However, president Vladimir Putin has instructed the government to create a regulatory framework by 1 July 2018.

How have reacted the major players in the market ?

Following the announcement of Moiseev, market players have welcomed the proposals, confirms to Ria Novosti. Eugene Gordeev, the founder of Decenter, said that it was an excellent initiative. Investors are now categorized, and there are some restrictions on the amount of the investment, he added. For an ordinary user, an investment of 50 000 rubles is enough, said Gordeev.

Earlier this week, Finance minister Anton Siluanov said in an interview to the TV channel Russia 24 that only the professionals should operate in the sector of crypto-currencies, and not the ordinary citizens.

Source : NewsBitcoin