How much the Russian economy loses because of the lack of regulation ICO

In the Russian Association of cryptocurrency and blockchain (RAKIB) found that losses of the Russian economy due to the lack of regulation of the ICO (initial public offering tokens) in 2017 amounted to 20 billion rubles. Calculations based on ICO data, the Russian residents, but conducted in foreign jurisdictions.

According to preliminary information, RAKIB, only tax revenue lost about 3-4 billion rubles in connection with possible placements ICO. And that’s without taking into account taxes of foreign jurisdictions that Russian citizens would pay for the operation of exchange of cryptocurrency on classic currency.

Further, RAQIB cites, in which it is noted that in the current year in Russia was announced 1 000 projects that are planned to raise funds through ICO. But at least 25% of the total number of projects «fell apart even before launch the ICO» because of internal problems or due to the insolvency of the project.

«Only 3% of the ICO was able to implement in the form in which they were stated, 67% failed to gain even the lower threshold of investment, 5% ICO managed to get the right amount of money, but later the project was frozen,» — said in RACIB.

The Association believes that the low percentage of implemented the ICO can be attributed to poor quality of formation of the project team.

Already known first details of the future regulation system for the ICO in Russia. For example, at the proposal of the Ministry of Finance during the ICO will not be able to attract more than 1 billion rubles in one project, and will significantly restrict investment in tokens for unskilled investors. All this more can be studied in the draft law «On digital of financial assets», which is scheduled to be presented in the near future.

In the draft law from RAKIB there is no limit on the maximum amount of investment in the project, however, there are limitations to different groups of investors.

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