RAKIB 27 Dec will present the bill at the ICO

In the Russian Association of cryptocurrency and blockchain (RAKIB) prepared a draft law on collective investment schemes of using the technology of the blockchain (ICO), which will be presented in the chamber of Commerce on December 27.

The bill introduces concepts such as «distributed registry» and «smart contract», and also amends the Federal law «About development of small and medium entrepreneurship» I. it is Noteworthy that in the text there is no mention of cryptocurrencies. The purpose of the bill is the legalization of crowdfunding as a means of attracting investments for small and medium-sized businesses.

According to the proposal RAKIB will be created state register of crowdfunding sites, which should be Russian legal entities and must obtain state accreditation from the government authorities of the Russian Federation, including those who will determine the criteria for selecting the banks acting as intermediaries in carrying out ICO.

In the current version of the bill, individuals will be able to invest in ICO one project should not exceed 20 million rubles, individual entrepreneurs — not more than 100 million rubles, for legal persons restrictions not provided.

«The amounts referred to in the text is the suggestion of crowdfunding sites. Some participants RAKIB believe that the Central Bank may not agree with these amounts and provides more realistic numbers, in accordance with which one person can send the project to 100 thousand rubles. The maximum volume of attracted investment into the project is proposed to install up to 250 million rubles — on experience site Voskhod,» said the source.

The source stressed that now in credinvest «too attached» to a distributed registry, but in fact this is not required. RAKIB insists that a prerequisite for admission to the ICO was electronic registration embed.

The Central Bank will keep a special list of banks which will be carried out cash transfers of participants of the ICO on a nominee account of the project so that the investors could obtain information on beneficiaries, conducting crowdfunding.

A prerequisite for crowdfunding sites, is the availability of information about the owners of the project, the share capital of which should be more than 10% (with the exception of non-profit organizations engaged in crowdfunding activities).

The representative of RAQIB reported that the document is not final: «the Document will be submitted to the chamber of Commerce on December 27. The preliminary version of the bill still received offers». To report the details of the bill, he refused.

If passed the bill, such are RAKIB about the current scheme of the ICO will be forgotten because it is impossible without the participation of cryptocurrency, because the tokens are traded in a public blockchains. Payments from participating banks will be conducted only in rubles with the identification of investors, for participation in each ICO will be required to pass certain bureaucratic procedures.

In other words, the ICO will be equal to the existing schemes of crowdfunding, having lost its main advantages — speed and free access to participate in the project financing of any person from any country in the world.

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