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State Duma Amends Law On Investment In Crypto Projects

17:13 21/12/2018

The Russian parliament continues to consider the draft law “On crowdfunding,” which concerns financial investments in ICO projects as well. The authors of the document removed from it an item that determines the maximum amount of contribution to one project, RBC reports.

 

Lawmakers refused from the previously adopted limit of 100 thousand rubles ($1468) for a single startup. At the same time, the total amount of such investments per year still should not exceed 600 thousand rubles ($8800).

Anatoly Aksakov, the head of the committee on financial markets, explained that these restrictions could be easily circumvented by figureheads so the State Duma decided not to create an environment for such schemes. Thus, investors will be able to transfer all the permitted 600 thousand rubles to a single project.

 

Previously, Aksakov stated that the restrictions do not affect the financing of projects related to the social sphere or charity. Noteworthy, these limits in the Russian law are valid for unqualified investors, who make investments through crowdfunding platforms.

According to RACIB, the Russian association of crypto industry and blockchain, retail investors annually put from one to three million rubles ($ 14.6 thousand – $ 44 thousand) in ICO projects. The Russian central bank considers that operations on crowdfunding platforms are fraught with great risks and can result in the loss of all investor’s funds.

 

Along with the draft law “On Crowdfunding,” the State Duma is considering a bill on the regulation of digital financial instruments, which was approved during the first reading.

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