On September 12, 2017, the Expert Council on Legislative Support for the Development of Financial Technologies was established at the Financial Market Committee of the State Duma of the Russian Federation. Its main task is the regulation of cryptocurrency, ICO and related areas. The authorities are closely watching financial technological innovations, and now they want to gather experts to look for and offer the most efficient ways to use the blockchain and regulate cryptocurrency.
Until October 31, the Council should develop and approve the provision on the Expert Council and form the list staff. So far, it includes officials and deputies, as well as several representatives of the industry, including Esonics CEO Igor Matyukhin and President of the Eurasia Council for the Digital Economy and Innovation Technologies, blockchain technology advisor at Esonics Denis Soldatov.
Despite the lack of a payroll, the Russian Cryptocurrency Board has already held its first meeting and started generating ideas. For example, experts put forward a proposal to create a specialized cryptodetective agency for the protection of investors who invest in the ICO, writes Izvestia
It must be admitted that the idea is rather bold, because some government representatives of the financial industry are in favor of a complete ICO ban, as is done in China.
Now this area is completely unregulated, thanks to which startups successfully attract large funds in cryptocurrency, promising an increase in the rate of their tokens and the payment of dividends. The industry is booming: for example, 28 ICOs are
planned for this week on October 16-22, including from Russian-speaking startups, such as the Eloplay Token
personal competition creation system. But most investors have no idea who is behind these ICOs - they have not seen them in person, and sometimes they don’t even know the name of the entrepreneur, not to mention a careful study of his biography. But how can you trust your own money to unknown people?
Unfortunately, among startups, sometimes inexperienced or unclean are caught. It happens that they even manage to deceive investors and run away with money. There were such cases.
So, the Russian cryptodetective agency, according to the idea of experts from the State Duma committee, will collect information about these businessmen. If special services are connected to the information gathering, then investors will know in advance all the secrets about every Russian entrepreneur who offers to invest in his Internet business.
Theoretically, for investors this is a very useful undertaking. At least, the extra information will definitely not hurt them. Well, from the point of view of the entrepreneurs themselves, the idea, of course, looks a bit dubious. Well, this standard fear is almost always when the state tries to intervene in private business.
According to the plan of Russian officials, information about businessmen will be stored in a special registry with a rating. If the rating proves its objectivity, then the entrepreneurs themselves will be urging the authorities to include them in this register and assign a rating, the authors of the idea believe: “We proposed to create a register of Russian companies entering the ICO, and there they can present as much information as possible about them, - told Alexey Fedorov, president of the Internet Development Institute Foundation (IRI Foundation). - If everything goes as we want, then at the second stage, the companies themselves will want to enter this registry. So, banks come to Moody's, ask them to assign a rating to them and for this they provide the agency with the necessary information. ”
The IRI Foundation seriously intends to act as a Moody's agency for Russian companies that conduct ICO: “Our agency will be able to obtain information about their beneficiaries, the real state of affairs. Is this a real start-up or an attempt to solve current problems of the company with the help of ICO? Our task is to protect investors. When a company that attracts funds from a large number of people collapses, its investors will seek protection from the state, ”said Alexei Fedorov.
A specialized company will be created to maintain the registry. According to Fedorov’s plan, you can subsequently pass a law that obliges the mandatory inclusion in the register of all issuers of tokens / cryptocurrencies that are held by the ICO.
The option of issuing licenses that allow issuing tokens is also being considered, and for each issuer to transfer 30 million rubles. to the compensation fund for the guarantee.
Among the Russian companies that successfully conducted ICO and released tokens are the Russian Mining Company and the network of farm stores LavkaLavka. In particular, the Russian Mining Company collected $ 43.2 million, a record for Russian cryptostates. Interestingly, one of its founders is the Internet ombudsman Dmitry Marinichev (in a comment for Izvestia, he opposed the registry).
The “Russian mining company” plans to use the raised funds for the development of the Multiclet processor, which “will increase the mining efficiency by a dozen times”, as well as the bitcoin miner of the new generation Sunrise. Another co-founder of the company is businessman Sergey Bobylev, the founder of one of the largest Russian retailers of computer equipment Sunrise, who recently got out of prison. Entrepreneurs are now engaged in the creation of a farm for mining in the territory of the former Moskvich car plant.
According to DeCenter, the global ICO market in 2016 amounted to $ 222 million, and in the first seven months of 2017 - $ 1.27 billion.