Russia is currently working on a framework to legalize ICOs, local newspapers reported this on Wednesday. This is in addition to the current finalization to a bill to recognize cryptocurrencies such as Bitcoin, Ether and other altcoins.
Russian lawmakers are at this moment working on amendments to the law aimed at legalizing ICOs, this was reported by Vedomosti, one of the biggest newspapers in Russia. A criminal law professor at the MGIMO (Moscow State Institute of International Relations) head the working group to finalize this law.
Why ICOs need to be regulated
In the past year there were more then 150 ICOs all over the globe, which totaled more then $500 million. At this moment legislative gaps exist which do not allow legal settlement of cowdfunding issues and ICO contracts. So there should come a development of a legal mechanism that would allow the verification of such contracts. Legalizing certain cryptocurrencies like Bitcoin and Ether can help large and small businesses that need investors. It can become a springboard for the Russian economy if the law is to allow the minimum cost of cryptocurrency transactions.
Do you think Russia will legalize the ICOs and you think it's a good step for the Russian economy? Post your opinion in the comments below.
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