ICO News: Upcoming ICOs Weigh the Words of Russian Regulators

on Oct 23, 2017

The news out of Russia on cryptocurrencies has been coming fast and furious this month, and the message is one that is mixed. Most recently, Russian President Vladimir Putin has commissioned the CryptoRuble, which is a state-run digital currency on the blockchain. While it might seem that this is a slight against other cryptocurrencies, regulators are gearing up for a future with upcoming ICOs in the country, as long as the right mechancis are in place to keep tabs on them. 

Russia is in the process of forming a regulatory framework for ICOs, according to the latest developments. But President Putin has made it clear that upcoming ICOs “won’t die” and even carry “tremendous potential,” according to reports. Meanwhile, First Deputy Prime Minister Igor Shuvalov at a recent forum was asked about the future of ICOs from an attendee, in response to which he vowed to defend “the capabilities of ICOs,” reports indicate.

Private Eye Watching Upcoming ICOs

In addition to the regulation that’s being crafted, Russia is also considering a detective agency dedicated to vetting startups that plan to pursue upcoming ICOs. The idea was floated by the Russian Internet Development Institute president Alexei Fyodorov at a recent meeting of bank officials and regulators.

Not everyone, however, was on board, with other officials saying that while they agreed on the need to protect investors from baseless upcoming ICOs such a company registry would be “pointless.” 

Russia and Ledger Technology 

Russia is interested in another type of registry and it is one that is blockchain in nature. There is a federal pilot program under way to record real state deals on the blockchain. Russia seeks to make the real estate industry more transparent so that citizens can have a greater trust in the way deals are done. The land registry will unfold until mid-2018 at which time the results will be assessed. 

Meanwhile the LAToken platform, founded by Russian entrepreneur Valentin Preobrazhenskiy, can reportedly “tokenize anything” including real estate assets. The LAToken ICO reportedly raised millions of dollars.