05/10/2017 |

ICO will conduct by law

Yuri Pripachkin

In Russia they decided to legalize the attraction of money with the help of a detachment.
The Russian Association of Crypto-Currency and Block-Bloc at the end of October will send to the State Duma a bill that legalizes the attraction of money in Russia with the help of the ICO. The initiative is good, but first you need to legalize the crypto currency, say experts.

With the world in a thread

The Russian Association of Crypto-Currency and Block (RACIB), created on the initiative of Herman Klimenko, adviser to Russian President Vladimir Putin on the Internet, began to collect proposals from its members and third-party experts that should form the basis of the draft law legalizing the ICO (Initial Coin Offering – project through the sale of a new crypto currency or tokens, digital tokens, which can then be spent on the purchase of services or products of the company). The president of the association, Yuri Pripachkin, told RBC about this.

According to him, the project will describe possible legal and organizational mechanisms for financing the real sector of the Russian economy, that is, organizations that are not directly related to blocking technology and the market for new financial technologies. “Most likely, it will be its own model, since other countries, when regulating ICO, rely on previous experience: such instruments for attracting financing as IPO (initial public offering on the exchange – RBC), crowdinvesting, etc.,” said Pripachkin .

RKIB expects to complete the preparation of the draft law within two weeks, after which the document will be presented to the working group under the State Duma Financial Market Committee. The head of this committee and chairman of the banking association “Russia” Anatoly Aksakov said earlier that the State Duma could by the end of the autumn session pass legislation regulating the turnover of crypto-currencies in Russia.

However, Arkheniy Shcheltsin, executive director of the Russian Academy of Military Sciences, says that in the project that the association is preparing, the word “crypto-currency” may not be mentioned at all. “Crypto currency is a separate issue, which requires more time for reflection,” he explained.

ICO allows you to attract significant crypt investment in the economy right now: in 2017, blockbusiness projects around the world attracted about $ 1.5 billion at the ICO. “Blocking is a rather narrow direction in the global economy. Non-related projects in the conduct of ICO could claim large investments, “Shcheltsin said. At the same time, the absence of a description of ICO in Russian legislation creates legal risks for its participants – when applying to the court, the latter will be guided by norms that are only indirectly related to the ICO.

Anatoly Aksakov told RBC that the working group will consider all initiatives coming to it. At the same time, he noted that so far no proposal on what should be the law on crypto-currencies and ICO, the association has not arrived. “Basically, everyone just says they plan to develop such legislation,” he said.

Virtual regulation

In the world there is no uniform approach to regulating the ICO. In the US, at the end of July, ICO and the sale of tokens were equated to an IPO. In a number of countries, ICOs have been banned. In particular, the Chinese authorities banned the ICO in early September, at the end of the same month, a similar decision was made by the South Korean authorities.

In Russia, the need for regulation ICO and crypto-currency, as well as the use of blocking technology as a whole have been stated repeatedly. In particular, the head of the non-departmental working group on assessing the risks of the turnover of crypto-currencies under the State Duma Elina Sidorenko said that the group will prepare the draft law on ICO immediately after the drafting of the law on crypto-currencies to the State Duma. At the end of September, the State Duma announced a competition to conduct research on the issuance of crypto-currencies and the ICO instrument as an alternative channel for attracting investments. The results of the study should form the basis of the bill, the tender documentation said.

VEB head Sergey Gorkov said in late August that it was necessary to determine the ICO position in Russia. “ICO is a phenomenon. From my point of view, this is an opportunity to attract additional money to the economy. It is necessary to assess the risks, which are formed in this connection, but this is one of the possibilities, “he said. In turn, Anatoly Aksakov pointed to the need to determine the rules for conducting ICO, the sites that can implement this procedure, and the requirements for those who can acquire these tools. “On the one hand, ICO is a source, again, for fraud, for many actions that create problems for our citizens. On the other hand, it is a source of possible investments, including foreign investments into our economy, “he argued.

At the same time, several Russian companies have already conducted an ICO. In particular, at the end of September, the holding company RMC (Russian Mining Center), one of the founders of which is the IT company Radius Group of Internet ombudsman Dmitry Marinichev, completed the ICO, collecting an amount equivalent to $ 43.2 million. In early November ICO cooperative LavkaLavka . The company’s goal is to attract $ 15 million.

Dmitry Marinichev agrees that it is necessary for the ICO to write the rules of the game. “This mechanism has already begun to be used by cybercriminals who declare projects for which there is nothing, only words,” he said. “But I am against prohibiting or permitting ICO, it is necessary to introduce the principles of relations.” At the same time, Marinichev doubts the prospects of the approach, in which legislation will be written based on the proposals of many people. “Expertise and competence are important here, and few have it,” the Internet ombudsman said. In addition, he is confident that before taking on the ICO, you need to give legal status in the legislation to such entities as the block and the crypto currency.


Original in Russian: RBC Daily

Authors: Anna Balashova, Irina Li
With the participation: Philip Alexenko

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