Russia’s bill to impose restrictions on ICO may be launched in March next year

The Russian government has made new progress in the development of a regulatory bill for cryptocurrency and ICO. According to the Russian Deputy Finance Minister, the proposed bill clearly stipulates the local ICO financing ceiling and the average user investment ceiling. Although some people have made other suggestions on the setting of the quota, in general, the attitude of market participants is relatively supportive. It is reported that this bill may be launched in March next year.

Russia intends to impose restrictions on ICO

The Russian Ministry of Finance is preparing to submit a bill on December 28. According to a report by the Tass news agency on Wednesday, deputy finance minister Alexei Moiseev described the bill as follows:

“ICO can only raise up to 1 billion rubles (about 17.3 million US dollars), and each amateur investor can invest up to 50,000 rubles (about 864 US dollars)."

He clarified that the amount of investment of qualified investors is not limited. Moiseyev stressed:

"We hope to make the bill as direct as possible and reduce the reference to the Russian central bank's guidelines so that the regulation of the ICO does not constitute another currency control."

Currently, ICO and cryptocurrencies are not regulated in Russia. However, President Putin has ordered the government to develop a regulatory framework for them by July 1 next year.

Market participant's comments

According to the Russian News Agency, after Moiseyev announced the news, market participants welcomed it.

Eugene Gordeev, founder of the portal Decenter, said, “I think this is a good starting point for the market, and there are certain restrictions on the general investment quota and qualifications of investors.” He pointed out that for ordinary users, The investment quota of 50,000 rubles has been relatively high. He also pointed out that with his experience in token sales, retail investors generally only invest $1,000.

Mansour Hüseynov, director of Cryptolife Investment Fund, commented:

“It seems logical to regulate the proposed terms of the ICO. However, the investment quota of 50,000 rubles seems to be somewhat low. I propose to set it at 500,000-600,000 rubles (about 8635-10400 US dollars).”

Earlier this week, Russian Finance Minister Anton? Anton Siluanov said in a television interview that only "professional traders should use cryptocurrencies", ordinary citizens can't, because they might think of bitcoin as a way to get rich quickly.

According to Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, the cryptocurrency and ICO regulation bill is expected to pass by the end of March next year.

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