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Commentary on the article: “State regulation can slow down the development of ICO and crypto market in Russia”

State regulation may slow down the development of ICO and crypto market in Russia

After the adoption of the law on cryptocurrencies in the Russian Federation, the explosive growth of ICOs (Initial Coin Offering - the procedure for the initial placement of tokens) will not happen, experts say, polled by Coinlife.com. Although the ICO procedure is simpler than an IPO (initial public offering of shares), there will be more barriers to individuals and even legal entities, they say. In addition, taxes should be taken into account that are not yet determined for token holders in the conditions of sale.

Expert Score

Experts evaluated the RACIB proposal positively, as did the authorities' initiatives. If the bill is adopted in the form in which RACIB proposes changes, we are unlikely to see significant financial consequences, said Suran Radnaeva, executive director of the Crypto Commission.

At the same time, the expert notes that at the moment, the market regulation mechanisms presented in the concept of the draft law are relatively soft and the main goal is to create the outlines of the market and ensure its legalization.

Regulation or the creation of barriers?

“Now let's look at the ICO: our startup, which is commercial in nature (based, of course, on the assumption that this is not fraud), attracts money from an unlimited circle of people in exchange for the created cryptocurrency,” says Radnaeva. Therefore, an ICO is primarily a cost: for the salary of IT employees, electricity, the purchase of equipment and depreciation, rent or purchase of premises, registration on an exchange platform, the cost of bank services for maintaining an account.

“Given the lack of significant demand for securities in the general population, which was influenced by the sad experience of the early 90s, interest in cryptocurrencies is even less. More barriers will be created to enter this area, and the result will be negative, ”the expert said.

A sharp development of ICO is not expected

Surana Radnaeva is absolutely sure that we will see a decline compared with the expected growth. First, of course, there will be a stir with the call that now the rights of token holders are protected, and let's buy cryptocurrency, but it is unlikely to find a response among potential crowdfunders who should not place their free funds on deposits, but in the form of investments in projects.

“Remember the scene at the beginning of the movie“ The Wolf of Wall Street ”, where the hero of Leonardo DiCaprio calls people up, offering them shares, and they buy them? Can you imagine this in Russia? Now add to this the assurances of the authorities that now, if anything, you are completely safe. For professional investors, this is not exactly what you need. Yes, transparency is needed, but at what cost? The Internet is used to minimize transaction costs, and the authorities are introducing them back, ”she comments.

Other property

There are not so many categories of property in nature, the recognition of such a status as something new is always a legal innovation, and therefore a risk, ”says Radnaeva. Experts are convinced that for cryptocurrencies, it would be worth looking for a different formulation.

In general, experts agree with the need to regulate the ICO and the cryptocurrency market by the state, because they see this as an opportunity to legalize the processes that are already taking place. At the same time, whitewashing the market and increasing its transparency and security is likely to create barriers to entry for new entrants. Therefore, development may slow down. But those who "get on the ship" will be better protected.

You can read the full article at the link – https://coinlife.com/analytics/gosregulirovanie-mozhet-zatormozit/?from=timeline&isappinstalled=0

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