Russia and Belarus outlined their positions upon the ICOs regulation
In the end of last year, at 28 Dec, the Russian Central Bank and Finance Ministry have published a bill on digital technologies in the financial sector. Among other issues, the draft law addresses the theme of ICOs. The Central Bank and the Finance Ministry are planning to impose restrictions on the ability to purchase tokens for non-professional investors: they`ll able to purchase one project`s tokens in volume, not exceeding the sum of 50 thousand roubles. If approved, the changes are due to come into force by 1 July 2018.
The Russian government’s position significantly differs from that published by the President of Belarus Alexander Lukashenko a few days earlier, who actually have given the green light to the development of blockchain sector for his country economy. According to the decree, presented on 22 December, individuals get complete freedom when dealing with tokens -they can own, buy and sell them for Belarusian rubles, foreign currency and electronic money, as well as giving, exchanging and bequeathing them. This activity will not be regarded as entrepreneurial, moreover, its participants will be provided with tax incentives — exemption from income tax and taxes on profits and value added.
If the Russians will be allowed to register their companies in Belarus, many of them would find it much easier to work on the territory of the Union state, instead of spending a lot of money for flying to Switzerland or Singapore and meeting all the legal requirements of these countries.
Descrow is watching closely all the developments around the ICOs regulation in various jurisdictions, for this question is quite important for the ICO success. Belarus can become a kind of a sandbox for the ICOs legal regulation, though maybe a number of peculiarities of the internal policy may discourage some investors. Follow our news, Descrow definitely will cover further developments on this issue.
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