With the goal of creating the most favorable jurisdiction for the sector Finance, international financial centre «Astana» (IFCA) has developed and approved the Concept of legal regulation of cryptocurrency market and private placement securities. This was announced by head of the working group of the state Duma of the Russian Federation estimated the risk of cryptocurrency circulation Elina Sidorenko in his Telegram-channel Cryptoline.
«A document that aims to regulate relations arising from the handling and storage of cryptocurrency through operators specialized trading platforms, contains a Glossary of key terms and definitions used in the process of production, storage and handling virtual currencies,» she wrote.
According to the authors of the document, its creation is due to the significant market growth of digital assets, which reinforce the need to comply with their participants regulatory environment and increased concern in the future of the financial industry.
«Knowing that the law will never be sufficiently to keep pace with technological development, requires the adoption of legislation that would be sufficiently flexible and open to future development and which doesn’t favor one technology at the expense of others», – the document says.
In particular, the consultative document:
introduces the definitions of «smart contract», «digital wallets», «mining»;
establishes the legal framework for private placement of securities exempt from registration with the regulatory organization;
offers to enter about ten different modes of private placement, depending on the borrowed amount, the category of investors, types of shares which can be applied for the implementation of the ICO, that is, the issue and sale of the securities licenzirovanie both institutional and retail investors;
protects the rights of qualified investors by consolidating the requirements for disclosure of information to persons (not qualified investors) that is material to making an informed investment decision and the establishment of restrictions on the amount of purchase securities to retail investors (not qualified investors). The total amount of investments of retail investors can not exceed $2000. However, when providing supporting documents may exceed, but not more than 10% of the annual income of not more than $100,000);
requires the operator of a business of virtual currencies to obtain a license;
offers adjusting ICO by analogy with the United States under a private placement of securities.
It should be noted that in the development of draft amendments IFCA is committed to the principle of technological neutrality in order to avoid frequent revision of laws, which arise in connection with the emergence of new technological developments.
The consultation document published with the aim of receiving feedback and comments regarding amendments (deadline for submission June 25), the proposed regulations IFCA, on issues of regulation of cryptocurrency, operators of cryptocurrency platforms that trade in virtual currencies, as well as modes of alternative sources of financing for companies.
«New disruptive technology of blockchain and innovative products (digital investments), based on it, can change the world’s financial markets and create competitive pressure on held financial institutions,» acknowledge the authors of the document.