Russia’s disclosure of the proposed regulatory bill will set limits on ICOs and investors

nWalkout commentary: The Russian government for cryptocurrency and ICO regulatory act to make a new progress. According to Russia’s deputy finance minister disclosed that the proposed bill clearly provides ICO’s local financing cap and ordinary users investment cap. Although some people put forward other proposals on the setting of quotas, on the whole, the attitude of market participants is still relatively supportive. It is reported that this bill may be launched next March.n
nTranslation: Inan
Russia plans to impose restrictions on ICOn
Russia’s Ministry of Finance is ready to submit a bill on December 28. According to reports from Tass news agency on Wednesday, Deputy Finance Minister Alexei Moiseev described the bill as follows:n
n”ICO can only raise up to 1 billion rubles (about 17.3 million U.S. dollars), and each amateur investor can invest up to 50,000 rubles (about 864 U.S. dollars).”n
nHe clarified that the investment amount of qualified investors is not limited. Moisheyev stressed:n
n”We want to make the bill as direct as possible and to reduce the reference to the Bank of Russia’s guidelines so that regulation of the ICO does not constitute another currency control.”n
nCurrently, ICO and cryptocurrencies are not yet regulated in Russia. However, President Putin has already ordered the government to set a regulatory framework for them by July 1 next year.n
Market participants’ commentsn
According to the Russian news agency, market participants welcomed the announcement after Moisheyev announced the news.n
Eugene Gordeev, founder of portal Decenter, said: “I think this is a good starting point for the market and places some restrictions on the normal investment quotas and qualifications of investors.” He pointed out that for ordinary users, 50000 rubles investment quota is already relatively high. He also used his experience in token sales to point out that retail investors generally only invest $ 1,000.n

Mansour H├╝seynov, director of Cryptolife Investment Fund, commented:n
n”While the proposed terms governing the ICO seem logical, however, the 50,000-euro investment seems to be somewhat underpriced, and I would suggest setting it at 500,000-600,000 rubles ($ 8,635-10,400).”n
nEarlier this week, Anton Siluanov, Russia’s finance minister, said in a television interview that “only ordinary traders should use cryptocurrencies”, which ordinary citizens can not because they may put bits Money is seen as a quick way to get rich.n
According to Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Commission, the cryptocurrency and ICO regulatory act is expected to be passed by the end of March next year.n

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