The popularity of Initial Coin Offering prompted Mr. Vladimir Putin to instruct the Russian finance ministry to roll out the regulatory framework for that would guide investors and companies by July 1.
The ministry has announced that the bill for the regulation has been prepared and highlighted that companies would have a maximum amount they could raise in an ICO. According to Mr. Alexei Moiseev who is the Deputy Finance Minister, 1 billion rubles ($17.3 million) would be the maximum amount that companies should aim for in ICOs.
The ministry also classified the amount that could be invested by verified and unverified investors. Accordingly, unqualified investors would be able to invest $864 (50,000 rubles). They, however, said that qualified investors are unlimited in the amount they can invest in an ICO.
Mr. Moiseev said that the ministry wanted to ensure that the Russian ICO space had room to develop without recourse to the strict banking system as imposed by the Bank of Russia. Neither must ICOs be seen to be governed by any sort of currency control.
The announcement seems to have been well received by the Russian crypto community. Eugene Gordeev, a crypto leader said that the step taken by the finance ministry is a good starting point, saying that 50,000 ruble ($1000) usually is the amount individual investors start within token purchases.
Anatoly Askakov, the chairman of Financial Markets committee on the State Duma after receiving the draft said that its adoption is likely going to be sometime around the end of the first quarter. Anton Siluanov, the finance minister had earlier told newsmen that Russia wants to discourage non-professional traders from working with cryptocurrencies because that category of people sees digital assets as a means of getting rich quickly.