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ICO bill is discussed at state level

A bill legalizing ICO in Russia is being prepared by the State Duma. The head of the special working group at the State Duma of the Russian Federation Elina Sidorenko mentioned the importance of its development many times. According to Vesti, the document development has already started.

The interdepartmental association ‘Working group on cryptocurrency exchange risk assessment’ headed by Elina Sidorenko initiated preparation of a new bill. Its aim is making ICO official in Russia.

Blockchain & Bitcoin conference Russia. ICO bill is discussed at state level

The association head gives hypothetical details of the new project as follows:

  • ICO contracts verification description (authentication);
  • identification process fixation for individuals obtaining tokens;
  • description of the mechanism that obliges companies to fulfill obligations while tokens production.

It is anticipated that the bill would regulate tokens purchase and the process of exchanging cash for currency. According to Elina Sidorenko, it’s not time for digital transactions taxing yet.

Members of the interdepartmental association think that the cryptocurrency bill that is being currently developed should be followed by the document about ICO. The head of the Russian State Duma’s Financial Markets Anatoly Aksakov agrees with this point. 

He thinks that ICO investors should be protected from fraud. However, Anatoly Aksakov is convinced of cryptocurrency income tax necessity. The Central Bank of the Russian Federation shares this point of view.

Today, the ICO market in Russia is not regulated at the state level, as well as in the majority of Asian and European countries. ICO legislation exists only in several European countries, for example, Switzerland. It explains why ICO investors lose money in almost 80% of cases.

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