RUSSIAN APPROACH TO ICO REGULATION
Palavras-chave:investments, digitalisation, ICO, tokens, securities, digital economy, financial assets, Singapore
Initial coin offering (ICO) is a mechanism allowing to attract investments all over the world via Internet exchanges trading digital tokens of different nature. The Decree of Russian President pointed that legal framework should be adopted till 2018. Despite high importance of this sphere, in Russia it is yet unregulated. In 2019 the Russian State Duma started the process of adoption of the draft law. The Russian draft law ‘’On Digital Financial Assets’’ aims to create legal framework for ICO which has a lot of similarities with the IPO rules. The paper studies the suitability of draft law provisions to capture digital financial assets. It is proved that proposed legal framework is inconsistent with tokenised financial instruments. Basing on the experience of Singapore it is argued that Russia shall use its approach to regulate all digital tokens constituting different financial products not only company’s shares.
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