RACB Drafted Bill on ICO

December 23, 2017

RACB Drafted Bill on ICO

The Russian Association of Cryptocurrency and Blockchain (RACB) has drafted a bill on the ICO, defining it as collective investment using blockchain.

The document amends the law "On the development of small and medium-sized businesses", introduces the concepts of "distributed ledger" and "smart contract". Cryptocurrencies are not mentioned in the bill.

RACB suggested forming a ledger of crowdfunding services, which must be registered in the territory of Russia as a legal entity and obtain accreditation.

The amount of investment in one ICO project is limited to 20 million rubles, while for individual entrepreneurs the limit is 100 million.

The final version of the bill will be presented at the Chamber of Commerce and Industry on December 27, 2017.

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