RAKIB: Russia will lose $1-1.5 billion due to capital outflows in the ICO with the «Russian roots»

In 2018, the domestic economy could lose $1-1.5 billion, which will draw on ICO projects with Russian roots. This is stated in the Report about measures «to achieve the leading position of Russia in the field of blockchain-technologies» of the Russian Association of cryptocurrency and blockchain (RAKIB), which is the head of the Council, RAKIB Herman Klimenko will present to Vladimir Putin during a special meeting.

«Now the funds attracted through the ICO, are forwarded to the other jurisdiction and sidestep the Russian economy, – experts say RAKIB. – Domestic projects account for about 10% of the world market of ICO, which in 2018 will reach $10-15 billion In 2017 the share of funds attracted by Russian projects amounted to 10% of the total global turnover of tokens, exceeding $310 million.»

According to their estimates, in Russia more than 75 thousand farms for mining and more than 50 thousands of technology developers on the basis of the blockchain. In total, this economy involved 2.5 million people, including holders of the cryptocurrency miners and the team that organizes ICO.

«The spirit of the orders and public statements of the President contains no restraining aggressive rhetoric against digital investments and assets, and the Finance Ministry and the Central Bank concerned about the social component of the problems of cryptocurrency, protected from possible risks and losses», – the document says.

In RAKIB criticized the draft law «On digital of financial assets» noting that, creating advantages for foreign investors, it will contribute to the losses in the Russian economy.

«Investors and members of the crypto community continues to search for the jurisdiction with the most comfortable conditions, which will lead to another wave of outflow of specialists in the sphere of high technologies», – said co-founder and General partner of Ventures group Starta Alexey Girin.

«Legislative regulation of the ICO in Russia is not in the way in which this need of the industry, – agrees the head of ANO «Law of robots» Nikita Kulikov. – While initiatives are aimed not so much to enshrine in the legal field, the concept of ICO and blockchain how to oblige to pay taxes on these activities.»

However, in the opinion of the managing partner, ICONIC Sergei Kubanica, legislative measures do not greatly hamper the growth of the blockchain segment of Russia – a country already entered the top-5 countries by number of implemented projects on the basis of the blockchain. The question is, if the team raised money in Russia, it will be possible to spend them here?

«The vast majority of projects with Russian roots is registered in offshore jurisdictions, or those countries that have introduced favorable conditions for such activities for foreigners – Singapore, Cyprus, Estonia, adds Kulikov. In other words, the economy now has nothing to lose, but not gain from such projects.»

«I know of intelligent entrepreneurs who, having made krausel, collect money for a legal entity registered in Russia,» said co-founder ModernToken Alexander Garkusha. They opt either for countries with a serial controller – Switzerland, Liechtenstein, Singapore, or in countries where the regulator «keeps quiet», but it’s offshore jurisdiction. The position of the Russian authorities in this area has changed too often to believe that it will not change again.»

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