RAKIB will standardize ICO projects

Russian Association of cryptocurrency and blockchain (RAKIB) will develop a document that will standardize the ICO projects in Russia: it will allow to distinguish them from fraudulent schemes and financial pyramids. The document will be published online in open access. To this end, RAKIB forms a special Committee to deal with examination of new projects on their compliance with the standard.

«The main criteria will be the accuracy of the information about the founders of the project and the team, having your own website and the degree of the detected borrowing, information about the founders previously sold start-UPS, as well as the «road map» of the ICO project, white paper and business plan,» – said in the organization.

According to its representatives, the founders of the project should also prove the viability of minimum and minimum implemented version of this product. This standard will be part of the digital market-regulation – the government does not intend to approve it legislatively, said in RACIB.

The Chairman of the Duma Committee on financial market Anatoly Aksakov supports the idea of partially self-regulating market ICO.

«The bill on the regulation of cryptocurrencies «On digital of financial assets» registered General approaches to ICO. Details can be on the level of self-regulation», – he stressed.

«In 2017, ICO projects, the Russians raised $300 million, of which $150 million on a financial pyramid, – told in RACIB. In 2018 Russian projects may attract $1-1. 5 billion, but that they should be more reliable. All in all, world market tokens can reach $10-15 billion over the first four months of 2018 world fees came close to $6 billion in Russian projects account for approximately 10% of the world total ICO».

«Access to the ICO projects should be allowed only to qualified investors, –says associate Professor of the Ranepa Teimuraz Vashakmadze. – Citizens can lose money not because of the fact that the project was fraudulent, but because they themselves are poorly versed in the cryptocurrency. Investing in tokens vysokoriskovannyh».

According to the Director of the Institute of strategic analysis FBK Grant Thornton Igor Nikolayev, a clear and transparent self-regulation in conjunction with control by market participants to minimize fraud in this area.

«However, this will not help the cryptocurrency market as a whole: they’re limited in principle due to the fact that Central banks are unlikely to agree to accept a payment instrument currency, which they do not emit», – he said.

The Russian government is ready to adopt the draft law «On digital of financial assets» developed by a group of deputies headed by Anatoly Aksakov, however, sees the need for its revision.

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