Russian Finance Ministry might establish an ICO rating system

Russian authorities branch is now developing the means to protect investors and minimize the market risks on the ICO market. Initial coin offerings, when a cryptocurrency company promises big benefits and gives digital investment tokens based on the blockchain technology, can sometimes turn out to be frauds, and the Russian government is well aware of this fact.

The Innovation Support Fund offered the Ministry of Economy of the Russian Federation to create an ICO rating system. The private investors, though, do not see the need in this – the reviews on ICO are already made by respectable digital currency experts and the risk assessment, too, can be conducted without the help of the government.

The initiative was a part of the set of the Innovation Support Fund proposals sent at the end of August as a response to a request of the Ministry of Economy. The Ministry press center confirmed the existence of the letter and stated that this is all a part of a larger process dedicated to development of alternative financing mechanisms, Kommersant reports.