PRESS: Russian blockchain association crafts bill on crowdfunding

MOSCOW, Dec 27 (PRIME) -- Russia’s Association of Blockchain Technology and Products’ Developers and Users to Promote Digital Economy (RACIB), whose supervisory board is headed by presidential advisor for the Internet German Klimenko, has crafted a bill on crowdfunding regulation, business daily Vedomosti reported on Wednesday.

The document could be used to regulate initial coin offerings (ICO), the daily said.

The bill offers to participate in “a distributed funding” to citizens, individual entrepreneurs, and companies, and the state-accredited floors will raise their money.

Such sites will disclose their beneficiaries owning more than 10% of capital, and their managers must not have any records for economic crimes. The sites must keep a register of deals and uncover the main criteria for choosing projects of investments, but these parameters are still unknown.

End