On March 27-28, in «Expocentre» took place the international blockchain-forum #CRYPTOEVENT 2018, and extensive «Kryptosysteme», which brought together Russian and foreign specialists involved in kriptonyte to discuss the latest topical issues.
According to the chief organizer of the event Nicholas Volosenkov, now the blockchain and cryptocurrency formed a branch of Economics that focuses on the billions of dollars. While this industry has no boundaries, neither financial nor legal nor geographic. It is therefore very important to study it not only at the country level, and cooperation with foreign colleagues, facilitated by such forums and conferences.
Expert presentations were held in three sections:
«Main hall», where he discussed investing in cryptocurrencies, tokens, and the right choice of strategies of investing, as well as issues related to the regulation of the industry.
The discussion in the hall «ICO» was devoted to marketing start-UPS facing the ICO.
In the hall of the «Technologies» IT-specialists discussed innovative technological development, on the basis of the blockchain.
The International blockchain-the forum for two days, have submitted their reports more than 60 speakers, among whom were top managers of international companies, foreign crypto-experts and developers, speciality in the field of information security. Among the speakers included the CEO of Russian Mining Coin Dmitry Marinichev, Universa Blockchain CEO Alexander Borodich, that SONM Igor Lebedev, Chairman of the Board of FINAM Vladislav Kochetkov, technical Evangelist of Microsoft Konstantin, Director of the Center for FinTech&Blockchain SKOLKOVO Pavel Novikov, the leader of the «Cyber Russia» Roman Poblocki and many others.
In the framework of the conference in the main hall included a panel discussion on a topic that most are now interested in representatives of the crypto community: «Expectation and reality: what will happen to Russia and the CIS in the regulation of cryptocurrencies».
In the discussion took part: the adviser of the President of Russia on development of the Internet Herman Klimenko, senior partner of «Aleinikov & partners» Denis Aleinikov and managing Director of the Legal support Centre «SKOLKOVO» Anton Pushkov.
Denis Aleinikov, one of the authors entered into force on 28 March in the Republic of Belarus Decree of the President of Belarus №8 «On the development of the digital economy», told about the situation in the state. In her presentation, the speaker explained that the Decree has affected 36 activities and only few of them are devoted to the field of cryptocurrency, because the main purpose of signing such a document is a development of the innovation sector and high-tech Park and the building of a modern digital economy in the Republic of Belarus.
«The decision was made to allow individuals to own the token and perform the following operations: mining, storing tokens in the virtual wallets, exchange for foreign currency, electronic money, etc. for the Legal entity must carry out all the activities with cryptocurrencies through the resident of the Park of high technologies. We want to support the developers in this area and not create a regulation narrow confines that hinder the development of a new sector of the economy. The main task before our government is now ensuring the safety of investors and other owners of the tokens from the loss of funds. The operators start-UPS facing the ICO will be required to provide detailed business plans of projects with written commitments on the part of team for implementation of the final product. Operators cryptoplasm must have accounts in banks of the Republic of Belarus funds in the amount of not less than 1 million Belarusian rubles, and the exchange operators of cryptocurrency – not less than 200 thousand rubles for the opportunity,» commented Denis Aleinikov.
Regulation in the Republic of Belarus came up with the other hand, the countries of the European Union, Asia and the USA. Based on the adopted Decree, tokens are a completely new tool and not fall into the categories of securities, digital currency or shares, so the law about digital money cryptocurrency on the territory of a state does not apply. At the moment it is still unclear how the tokens of the projects registered in Belarus, will be perceived abroad, e.g. in Switzerland, where they are treated as securities.
According to the Russian President’s adviser on Internet issues Herman Klimenko, this approach unnecessarily brave, and very ill-conceived: «We are not going to rush anywhere and «in haste» to create laws, otherwise there is the impression that we have the second «arms race» began. Here we must approach the question seriously and thoughtfully».
Russia is taking consistent steps that will help to develop and implement competent and fully developed legislation. According to representatives of the Russian Association of cryptocurrency and blockchain (RAKIB) in early summer of this year we will adopt some of the legislation related to the field of cryptocurrency. The main resistance in the development and adoption of legislation according to experts, is the anonymity of transactions with tokens.
«Until we know for sure that dirty money will not flow into the economy after the discovery of all paths to cryptocurrencies, we will move away from its policy,» said Herman Klimenko.
Now in Russia most interesting is the «technology sandbox» for blockchain projects in «SKOLKOVO», created under the leadership of Pavel Novikov, as well as the project «About modification of parts the first, second and fourth Civil code of the Russian Federation», proposed by deputies of the State Duma V. V. Volodin and P. V. Krasheninnikov March 26, 2018.
To talk now about some kind of international standard and the General regulations for the regulation of cryptocurrencies, according to speakers, yet makes no sense. At the moment there is no example that could be targeted and taken as a basis and standard of legislation developed in any country.
Herman Sergeevich noted that the most promising area for investors in the field of cryptocurrencies in the near future, he sees crowdfunding, developers are faced with objective to figure out how to use the blockchain for what and in which system, because at the moment the implementation of the technology is costly, and the system is running slow.
In the framework of the «Cryptosystem», guests had the opportunity to get acquainted with the latest innovations and blockchain developments, as well as to hear speeches of authoritative experts of the industry from Europe, USA, Russia and other countries. Stands were presented more than 100 companies, among which were:
the crypto currency exchange and cryptogenic;
the company conducting the ICO;
suppliers of hardware for mining;
services for trading;
other relevant organizations.
The first thing that caught my eye at the entrance to the exhibition hall – approximately 80% of presented at the stands of the projects are related to mining and offer sales, Assembly and support equipment, as well as leases for mining farms and hardware / software solutions to maintain the correct operation of the farms. This situation is even more interesting in terms of what the country has no regulatory field for the work of the miners. It turns out that while meetings are held and experts discuss regulation of the industry, many are already in place, based on the position of «what is not forbidden is allowed».
For example, the question: «Where brought mining hardware and how was customs?», receive from the representative of the team a strange answer, hidden behind the smile: «the Equipment imported from China and South Korea, customs will put a stamp that this computational technique, the taxes we pay are appropriate». But now this will not work, as it became known, the mining hardware will need to declare.
«Due to the fact that the equipment for mining cryptocurrency functions based on certain cryptographic algorithms, it is subject to the restrictions that apply to the import of goods with encryption and cryptography, – said the representatives of the FCS of the Russian Federation. According to the Regulation on the import into the EAEU and export from the territory of the EAEU of cryptographic devices, their movement is carried out only when there is information about the inclusion of a corresponding notification in the unified register of notifications or licenses.»
Therefore, a little freedom of action in this field is limited, and players have to obey the existing rules and laws.
Based on the market trends of the ICO projects, it can be concluded that the major startups and big investors cease to be open to the public, and for funding the team representatives go mainly to the United States and Asia, where cryptoprocta gaining high popularity. The most popular are the projects only over the past year through the ICO has raised more than $1 billion Holding startup ICO is now becoming more expensive and the team needs to spend $1 million to collect at least $10 million for the implementation of the stated ideas. Also, the market of the ICO projects are gradually cleared from inexperienced investors and fraudulent projects because of her bad past experience, when startups simply disappeared with the collected funds.
Estimated rating Agency DigRate whose representative spoke at the International blockchain-forum Arseniy Poyarkov, 2014 were conducted in the world 1463 ICO, through which the company raised approximately $11.7 billion Of these 565 projects did not collect the required amount on ICO and closed, representing 39% of all projects, and every seventh draft was fraudulent. Only such ICO projects, investors lost approximately $850 million.
Former community Manager ICO-startup Universa.io Arthur Lipatov noted that it is now easier and better to create projects on the blockchain in Russia, because we have all the conditions and large number of qualified developers. But to develop your brand and raise funds to implement the ideas better in Asia, where large investors willing to work with serious projects.
During the second day of the conference took place on March 28th contest ICO projects, which were evaluated by a jury consisting of 27 invited experts from various fields. As a result, each project was rated vzveshennye of investment risk and attractiveness. Participating in the presentation were the following projects:
The evaluation of the ideas took place in the following indicators:
product (on a scale from 1 to 5);
the team (on a scale from 1 to 5);
the market (on a scale from 1 to 5);
are you ready to invest in the project (Yes/no).
After the contest, all projects were ranked according to the estimated weighted index of investment risk and hit the PipeLine. Value for the participants were: the opportunity to make a productive contact base and PR/Promo partners, get an opportunity to test your values suggestions.