Russian and foreign companies will be able to launch their ICOs at Moscow Exchange before the end of the year, as the head of the exchange Alexander Afanasyev told Reuters.
The infrastructure will not provide for token listing proper: it will provide for the issuance of explanatory notes and instructions to investors who plan to launch their ICOs. Entrepreneurs will be allowed to issue their digital assets, if the Bank of Russia legalizes cryptocurrencies in Russia, Afanasyev specified.
“We are developing projects and the core infrastructure now in order to allow companies to proceed to ICO stages supported with appropriate token descriptions, the latter feature currently lacking at all platforms providing such services. As of now, we approach this from the perspective of fiat currencies, because cryptocurrencies still lack the status of legally protected assets here. Should cryptocurrencie get it, they will be added to our system as well,” – he said.
As reported earlier, Sberbank CIB (Sberbank’s affiliate) and National Settlement Depository (which is part of Moscow Exchange Group) announced their plans for launching an ICO sandbox on the basis of Level One educational lectorium.
According to a recent report by the Analytical Credit Rating Agency, Russian residents have already invested $7 500 000 000 – $ 14 000 000 000 in cryptocurrencies. Despite that, digital assets do not pose a threat to Russia’s financial stability, the potential negative effects from high exchange rate volatility being negated by the high concentration of cryptocurrency holdings and their negligent share in the total credit volume.