Russian updated bill that would regulate ICOs

The executive branch of the Russian government has issued a statement pledging to support a bill that would regulate ICO, entitled “On alternative ways of attracting investment (crowdfunding),” provided that certain changes to the proposed law are made, or at least considered.

Submitted on March 20 to the State Duma, the lower house of the Russian legislature, the law had already been modified from an earlier draft version, first published on January 25.

The April 21 document calls for a series of minor adjustments to the bill’s language; to the ways in which it refers, or fails to refer, to other legislation that has been proposed or is already on the books; and to some particular provisions. All the changes appear to be relatively insignificant in that they seem unlikely to have a consequential impact on the proposed regulatory framework.

The requested revisions include writing into the bill the maximum annual amount that investors who are “not qualified” can put into ICOs (600,000 rubles worth of funds, or about $9,630 at press time) rather than referring to another bill in which that amount is listed, and providing more details relating to proposed “inspections by the Bank of Russia of the activities of investment platform operators.” The statement also notes that certain “terminology used in the draft law needs to be improved.”

The announcement concludes with the following proclamation:

“The Government of the Russian Federation supports the bill, subject to its revision, taking into account these comments, for consideration by the State Duma of the Federal Assembly of the Russian Federation in the second reading.”

A couple of days before the statement was published, it emerged that Russian officials are considering establishing a cryptocurrency fund in Crimea that would allow foreigners to invest there despite sanctions on Russia.

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