Russian approach to ico regulation
| Autor | Aleksandr P. Alekseenko |
| Cargo | Vladivostok State University of Economics and Service, Russia |
| Páginas | 874-881 |
Periódico do Núcleo de Estudos e Pesquisas sobre Gênero e Direito
Centro de Ciências Jurídicas - Universidade Federal da Paraíba
V. 9 - Nº 04 - Ano 2020
ISSN | 2179-7137 | http://periodicos.ufpb.br/ojs2/index.php/ged/index
874
RUSSIAN APPROACH TO ICO REGULATION
Aleksandr P. Alekseenko
1
Abstract: Initial coin offering (ICO) is a
mechanism allowing to attract
investments all over the world via
Internet exchanges trading digital tokens
of different nature. The Decree of
Russian President pointed that legal
framework should be adopted till 2018.
Despite high importance of this sphere,
in Russia it is yet unregulated. In 2019
the Russian State Duma started the
process of adoption of the draft law. The
Russian draft law ‘’On Digital Financial
Assets’’ aims to create legal framework
for ICO which has a lot of similarities
with the IPO rules. The paper studies the
suitability of draft law provisions to
capture digital financial assets. It is
proved that proposed legal framework is
inconsistent with tokenised financial
instruments. Basing on the experience of
Singapore it is argued that Russia shall
use its approach to regulate all digital
tokens constituting different financial
products not only company’s shares.
1
Vladivostok State University of Economics and Service, Russia. Vladivostok, Ph.D, associate professor
of the Civil Disciplin es department, E-mail: aleksandr.alekseenko1@vvsu.ru, Gogolya str., 41, г.
Vladivostok, Russia, 690014, ORCID 0000-0003-0707-8372
Keywords: investments, digitalisation,
ICO, tokens, securities, digital economy,
financial assets, Singapore
1. INTRODUCTION
Digitalization is one of the key
drivers of a modern economy and it is
highly connected with virtual currencies
and digital tokens [11], which opened up
a new era for investments as well for
investors. Digital technologies made it
possible to use initial offering of coins
(ICO), which is a mechanism used by
new ventures to raise capital by selling
tokens to a crowd of investors [4]. A new
method of attracting investments is
based on the idea that security coins are
similar to stock in that they are
purchased for investment and represent
an interest in the company [10].
Meanwhile, some states were not
prepared to face with challenges raised
from rapid development of digital
technologies [1] and their usage in the
sphere of financial market. Russia is
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