ICOs in Russia to be studied by crypto detectives once legalized

Russian authorities have clearly chosen regulative cryptocurrency approach, as seen from recent various statements. Even the current President of the Russian Federation, who usually prefers to be above mundane legislative discussions, has made clear it’s better not to miss market opportunities and flood the cryptocurrency market with unnecessary prohibitions.

The latest news from Russia suggest that authorities are focused on the future legalization and regulation of initial coin offerings. This is confirmed by the director of the financial technologies center in Skolkovo – a technologically oriented research facility close to Moscow. Pavel Novikov is absolutely sure that fair ICO rules would be developed soon, beneficial both for government and market members.

This means that ICOs will not be banned like in China or South Korea. But how to combat frauds often met in this sphere? The President of the Internet Development Institute Fund (IRI) proposes to create an agency that will find out the credibility of ICOs and post the info in the special register. If everything goes as planned, companies will be glad to provide information to this organization, just like traditional companies send the data about their activities to Moody’s, Alexei Fyodorov stated during the meeting of experts on fintech legislation. This group of experts works for the Russian State Duma’s financial market committee.