More and More Legitimacy for ICOs in Eastern Europe
A day after the Ministry of Finance in Lithuania approved clear regulations for ICOs, Moscow has now announced that their stock exchange will list data on ICOs. Its chief executive, Alexander Afanasiev, recently elaborated in an interview with Reuters that his exchange is planning to prepare its “basic infrastructure” in an effort to accommodate the efforts of some ICO companies to list their tokens, as well as additional details, alongside traditional fiat stocks listed on the exchange.
The move in Moscow will start with a pilot where tokens will be displayed, but not able to be purchased. This allows traders the ability to see the token and make a purchase individually.
This is progressive news for the industry as tokens will be listed alongside fiat currencies and other traditional forms of investment. Some tokens could even be backed by regulatory agencies, the director hinted in his first interview on the innovative new move.
Sberbank and the National Settlement Depository (NSD), Russia biggest bank and the securities depository respectively, will test the issuance of an initial coin offering (ICO) on a regulatory platform established by the Bank of Russia, the country’s central bank. Launched in April, the regulatory platform was developed by the central bank to conduct test pilots of new financial services and technologies that required legislative changes before any implementation.
The pilot will mitigate risk and really test the waters for a larger rollout.
“Our end goal is to create the fundamental basis for the development of the digital economy in our country, for the emergence of a new type of asset for investors, for ICO ecosystems, and for the circulation of digital assets on the secondary market,” NSD chairman Eddie Astanin stated. “In conjunction with market leaders, we are implementing a project to create infrastructure to record digital assets.”
The Sberbank executive, who is also the senior vice president of the banking group mentioned above, said:
“Sberbank CIB considers the Russian ICO market to be very promising. Many Sberbank clients are interested in this type of investment, and we plan to promote this service proactively once the appropriate legislative framework comes into effect; we will be one of the drivers to institutionalize and popularize this type of transaction.”