Russia To Legalize and Regulate ICOs

The members of the governmental interdepartmental working group assessing the risks of cryptocurrency turnover in Russia have begun to discuss the possibility of introducing amendments to the civil law that will allow ICOs to be held in the Russian Federation.

According to reports, Russian market participants believe that the legalization of cryptocurrencies can help both large companies and small businesses that are searching for investors. The law that would allow them to launch ICOs and cryptocurrency transactions with lower expenses and fees could become a springboard for the Russian economy's take-off.

Elina Sidorenko, head of the Russian working group of cryptocurrency risk assessment, believes that the government should develop legislative mechanisms for contract verification, user identification, and protection of token holders rights.

The amendments to legalize ICOs should be made after the decision to adopt the law on cryptocurrencies in Russia. 

As we reported before, the Russian Deputy Finance Minister, Alexey Moiseev, has said that authorities hope to recognize bitcoin and other cryptocurrencies in Russia in 2018. According to Moiseev, Russian authorities are seeking to accept cryptocurrencies as a legitimate financial instrument, but their highest priority today is to enforce rules against illegal transfers.