Smile Expo

ICO in Russia: legislative regulation and examples of successful ICOs. How ICO trend is developing in Russia

Publication date: 11 aug 2017

ICO in Russia: legislative regulation and examples of successful ICOs.  How ICO trend is developing in Russia

Development of the financial sector and its integration with innovative technologies have led to the emergence of ICOs. Token issuance has become incredibly popular all over the world and Russia is not an exception.

Local companies provide competition to foreign companies and attract huge sums through ICOs. It often happens that tens of millions of dollars are meant. Here are some simple examples:

  • Gaming platform MobileGo, that offers a possibility to accept cryptocurrency payments, raised $53 million through an ICO.
  • Produced by Russian developers, SONM platform for cloud-based calculations managed to raise $42 million.
  • Waves, that created a platform to develop blockchain solutions, attracted $18 million[СР1] of investment during an ICO.
  • Starta, that developed a startups accelerator, raised $5 million. Moreover, $1.5 million were transferred within the first 15 minutes from the sales start.
  • Unique industrial startup ZrCoin raised $4.5 million through an ICO.
  • Operator of encrypted VoIP telephony EncryptoTel raised $4.4 million.

That’s just a few of Russian startups that caught much of crypto investors’ attention. A wide variety of companies facilitates the promotion of ICOs in Russia. Some of the abovementioned startups developed their products based on the Russian blockchain platform Waves. Besides, Boris Titov, a local business ombudsman and billionaire, together with Waves have founded an ICO incubator called People of Growth. It is intended to help the real economy to attract funds for growth.

Russia also works on the establishment of the ecosystem for ICO’s legislative regulation to protect interests of both startups and investors. For this purpose, the State Duma of the Russian Federation formed a working group to evaluate cryptocurrency turnover risks. Elina Sidorenko was appointed as head of the group. It has already started the discussion of legislative amendments that would allow to legally run ICOs in Russia.

While there is no governmental control over ICOs, companies find their own way out. Elina Sidorenko has lately stated that the Russian company RMC will hold an ICO with the first-ever legal, economical, and technical expertise.

We have been keeping a close eye on the fintech sector for many years. Smile-Expo has successful experience of organizing events dedicated to blockchain and cryptocurrencies. The active development of ICOs didn’t go unnoticed by Smile-Expo. Therefore, we are holding a standalone conference that focuses on the issuance of tokens – ICO event Moscow.

The event will take place in Moscow on September 20. Those who have arranged to run their own ICOs or decided to invest in tokens will have a possibility to learn about the market situation, listen to expert opinions, and discuss technical aspects.

However, the geography of ICO events won’t be limited to Moscow. We are planning to hold similar events in London and Amsterdam.

Follow the news to keep abreast of all our events.

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