Recently, at a State Duma Financial Market Committee meeting in Russia regulators to propose ‘crypto-detective agency’. This specialized agency will primarily collect all information on Russian companies planning to launch an ICO.
Proposal for Crypto-Detective Agency
In the meeting of State Duma Financial Market Committee, the expert council on the legislative support of financial technologies. Therefore, the previous week, declare of cryptocurrency regulation in Russia was discussed.
Alexie Fyodorov, IRI Foundation president, proposed an initiative at the meeting “to create a specialized crypto-detective agency”, the news outlet explains him:
“To protect investors in cryptocurrencies in Russia, it is a plan to create a specialize crypto-detective agency. Significantly, it will collect information on Russian companies intending to launch an ICO. Information will be stores in a special register”.
Particularly, this register will contain all the information about these companies that can be found, he described.
“Our agency will be able to extract information about their beneficiaries and their real state of affairs. Therefore, this a startup or an attempt to solve the company’s current problems with the help of the ICO. Our task is to protect investors. When a company that has attracted funds from a large number of people fails, its investors will seek protection from the state”.
Dmitry Marinichev, Russia’s internet ombudsman acknowledges the need to collect such data. In August, a source reports him about building a mining infrastructure in Russia to challenge China’s Bitcoin mining supremacy. According to the company’s website, Russian Miner Coin (RMC), held on ICO which raised 1205 BTC, 4022 ETH and $37 million.
Merinichev said regarding a registry of companies planning ICO:
“Mechanisms for controlling ICOs are needed…But the registers are ineffective”.
The Managing Partner at Russian Ventures believes that,
“Any initiative to register companies is not require by the market. It’s like trying to create an agency that evaluates startups at the seed stage when the project has only an idea and a team. At this stage, the project has a lot of data that cannot be analyze. But investors, in case of success, will receive a thousand times more than they invested”.