The State Duma of the Russian Federation will set a limit on investment in ICO

The State Duma of the Russian Federation will set a limit on investment in ICO

In the light of world trends it becomes obvious that ICO is a convenient and powerful instrument for attracting international investments to large-scale start-ups and companies.

The Russian legislative system is also trying to show flexibility and maximally master the cryptocurrency market. Along with all statements of officials who express support and positive attitude towards ICO, the Central Bank warns about its instability and unreliability.

Thus, ICO in Russia still remains in the so-called "gray zone" of the legislative system. There are no specific bills that prohibit registration and conducting of ICO in the territory of the Russian Federation, but regulatory instruments have not yet been developed.

The Chairman of the State Duma’s Committee on Financial Market proposed to limit the amount of investment in ICO to100,000 rubles.

Just before he advocated for the early introduction of ICO in the legal field. The Expert Council of the Financial Committee accepted the proposal for consideration.

Until the main legislative regulations and drafts of bills appear in the legislative system, ICO in the Russian Federation can comprehend the predestination and destiny of Chinese and American companies. If the US rigidly inscribed ICO in the already existing legal framework, China even decided to prohibit their activities.

There is an opinion that without proper regulation, a twofoldsituation may occur in Russia, in which the ICO market will receive state approval, and at the same time criminal cases for illegal business activities in this sphere will be multiplied.

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