Two Russian Institutions Set to Test Regulatory Platform that makes Domestic ICOs
May 25, 2018 1:21 pm
Russian Institutions to Test a more transparent and secure domestic ICO Platform for Traditional Investors
On Thursday, Russia’s National Settlement Depository (NSD) declared that it is working with Sberbank CIB, the bank’s corporate and investment banking arm, to examine an ICO issuance platform started by the Bank of Russia the nations central bank in April.
As per the statement, in the testing environment, a company named Level One will start a token sale, for which Sberbank will act as the “issuance coordinator and anchor investor.” The National Settlement Depository (NSD) will serve as the custodian, recording and settling transaction, as well as safeguarding the assets.
The company says the platform will ultimately provide the transparency that would minimize risks for traditional investors in the token issuance process. It assumed the test, along with feedback from the central bank, will help develop the platform before it can be scaled up for real-world use.
Senior Vice President of Sberbank and head of Sberbank CIB, Mr. Igor Bulantsev, stated:
“Sberbank CIB considers the Russian ICO market to be up-and-coming. Many Sberbank customers are interested in this type of investment, and we plan to promote this service proactively once the relevant legislative framework comes into effect; we will be one of the drivers to institutionalize and popularize this type of transaction.”
As previously reported, the Bank of Russia and the Ministry of Finance have already solved a disagreement over one draft bill covering ICOs, and the nation has now slated in a summer deadline for proposing two relevant pieces of legislation.
Chairman of the executive board at the NSD, Mr. Eddie Astanin, stated the end goal of the project is to enable “the emergence of a new type of asset for investors” and the distribution of digital assets on the secondary market.