The Russian chamber of Commerce discussed the bill on the regulation of RAKIB ICO

Today in the Congress center of RF CCI held a panel Discussion «Cryptocurrency and alternative investment vehicles – source of financing business-projects». The organizers of the discussion are Trade and industrial chamber of the Russian Federation and the Russian Association of cryptocurrency and blockchain (RAKIB).

During the discussion discussed the proposal RAKIB to the bill on regulation of the market of cryptocurrencies in Russia, ICO as a new mechanism of collective financing of projects (raudheiding), as well as the definition of a smart contract as a contract on the basis of the distributed registry.

The main participants in the discussion:

  • German Klimenko, adviser to the President of the Russian Federation;

  • Maxim Fateev, Vice-President of the CCI of the Russian Federation;

  • Vladimir Gamza, Chairman of the RF CCI Committee for financial markets and credit organizations;

  • Yuri Pripachkin, the President of the Russian Association of cryptocurrency and blockchain;

  • Dmitry Marinichev, the Internet Ombudsman, the head of the company Radius Group.

It is not proposed to create a separate bill for the ICO, and make the necessary changes in certain articles of the Federal law «About development of small and medium entrepreneurship in the Russian Federation» dated July 24, 2007. Also, the bill attached Glossary of terms in the field of cryptocurrency and blockchain.

In particular, RAKIB proposes to introduce a public register of accredited centres for crowd-funding campaigns (ICO), and the collection of investors ‘ funds will occur through a specialized distributed register (blockchain) using escrow accounts.

Conduct crowdfunding activities can a registered legal entity that will be required to disclose information about campaign financing, in particular the beneficiaries, the share capital and other information necessary for accreditation. As investors can act both legal entities and natural persons and individual entrepreneurs, but for the last two categories maximum investment will be restricted.

As stated by Herman Klimenko:

«ICO is not a shame. Especially after mining».

Following the meeting of the will present more detailed material about the content of the bill and the commentary thereon.

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