The Russian Internet Development Institute (IRI) proposed creating a “crypto-detective agency” in order to monitor and rate Russian companies planning to launch an initial coin offering (ICO).
At the State Duma Financial Market Committee meeting of the expert council on the legislative support of financial technologies on October 9, the issue of cryptocurrency regulation in Russia was discussed. Representatives from the regulators and major domestic banks attended, reported Izvestia.
The IRI is an organization that is focused on developing the industry of modern technologies in Russia. IRI Foundation president Alexei Fyodorov proposed an initiative at the meeting “to create a specialized crypto-detective agency [in order] to protect investors in cryptocurrencies in Russia”.
This registry will contain all of the available information about the companies planning to launch an ICO. He elaborated:
“Our agency will be able to extract information about their beneficiaries and their real state of affairs. Is this a startup or an attempt to solve the company’s current problems with the help of the ICO,” he asked, before detailing the need for this agency. “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.”
While experts agree that ICOs require some sort of regulation, making them all register is not an effective move. The whole ordeal looks less likely to happen considering Russia’s move to ban cryptocurrency exchanges, citing the existing model to be “incredibly high-risk”. On the other hand, the new crypto-detective agency may work within the confines of the planned new Russian ‘cryptoruble’ currency.