Recently Russia’s Ministry of Finance showed the official text of a draft law in its official website that would deal with the issuance, trade and other operations connected with the cryptocurrencies, as well as placing certain legal requirements on parties that hold token offerings, or ICOs.
Despite that fact, less than a half of population realize that Bitcoin is also used as a way of payment and a good investment. What is more, a very little percentage of Russians can explain what is a cryptocurrency and why it was created.
Deputy Finance Minister Alexei Moiseev stated that “Nowadays in Russia, the hard cap of 1 billion rubles [approximately $17.3 million] can be raised through an ICO, and each unqualified speculator will have the opportunity to contribute a greatest of 50,000 rubles [about $864].”
On the one hand, Russian Federation aims to protect its market and cryptocurrency community from speculations, unqualified companies and scams. On the other hand, many high-professional companies will not have a chance to run a successful token sale and to raise a sufficient amount of money for the development of its project.