«Cooperative blockchain» how to make ICO in the framework of current legislation

The holding of ICO through the form of consumer cooperative societies can be a method of legal regulation of public offering of tokens. This method of legalization of digital technologies in the financial sector proposed in the State Duma.

According to analysts, it will facilitate the implementation of the ICO in the absence of legislation in the sphere of the blockchain, protects the interests of investors and promotes the development of new projects in various sectors of the economy: banking, agricultural, credit and other.

Certification through the consumer

High technology is rapidly evolving, with the result that fall beyond the legal field. Developers and investors around the world are faced with the problems of legalization of the ICO projects and tokens that are experiencing difficulties with the transfer of cryptocurrency to Fiat and don’t understand how to hold their partners accountable for compliance. To solve these and other problems will help the transition to a form of consumer cooperative societies, say experts.

The founder of SRO «the First Association of blockchain experts» and the founder of the first blockchain-centre «B-CH – coworking» Natallia Anushkevich:

«In July last year, the Russian government presented a program about the development of the digital economy. It says that Russia needs to receive the 10 leading companies, which will create high-tech platforms with a large number of startups. However, I believe that in Russia there are no conditions for such projects because there is no legal base in the sphere of the blockchain. Russia is on the 38th place for the development of digital technologies. I believe the transition to a form of consumer cooperative societies will help to introduce new technologies in the scope of jurisdiction.»

How does it work?

Analysts have presented a model of the ICO through the form of a consumer cooperative. So, the founder of the organization can become both a citizen, and a legal entity. The cooperative, in turn, may establish a JSC or LLC. The role of the investor is a shareholder, the token is the Deposit contract, the purchase of tokens implies the contribution in the target program, and earnings of participants in the ICO project relates to the cooperative payments to shareholders.

The law «On consumer cooperation» allows the shareholder to make the property, so the share of contribution is in the cryptocurrency. Thus, the cooperative operates at the expense of mutual Fund, which consists of the collected crypto-currencies. The technology of the blockchain in the cooperative applies for voting and decentralized management organization. Contract between the shareholders and the cooperative represent smart contracts.

Natallia Anushkevich: «We see common to the blockchain and cooperative characteristics: decentralization, self-organization, autonomy, equality of participants, the pooling of resources, common goals, including the intangible. Therefore, a high technology together with the consumer offer developers and investors great opportunities. Most importantly: when performing the ICO they can build on the existing legislation, namely tax, civil codes and the law «On consumer cooperation».

The law thus governs the taxation of all members of the cooperative. If a member is a natural person, his income from personal income tax, if legal — tax profit.

What is the benefit?

The conduct of the ICO using the potrebkooperativ has a number of advantages, analysts say. First, the organization is not limited by the maximum number of participants. Secondly, all members of the cooperative identifitseerida what problem disappears deanonimizatsii. Thirdly, the Supervisory authority rarely checked the cooperatives. After the law «On consumer cooperation» prohibits the authorities and state bodies to interfere in the activities of such an organization.

In total there are about 300 large cooperatives that in them is, nearly 3 billion people. One of the biggest cooperatives in Germany, Raiffeisen Bank, Finland — Valio. According to statistics, 50% of agricultural products produced in cooperatives. For example, in Japan, there are 9 million family farms.

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