The Russian Association of Blockchain and Cryptocurrency (RACIB) will be collaborating with leaders from over 30 countries around the world to create a framework for rating initial coin offerings (ICOs). The agency has also been involved with the Russian Central Bank to develop ICO investment limitations.
According to the Russian news outlet, Izvestia, RACIB has confirmed that they are in the process of creating a standard for rating ICOs that could be applied to any ICO across the world.
The RACIB’s establishment was driven by the Russian advisor, Herman Klimenko. Klimenko serves as Russian president, Vladimir Putin’s, adviser on all matters of Internet development within the Russian Federation. The agency was created to create a platform where all parties participating in cryptocurrency and ICOs, such as investors, miners, and startup owners, could work together to address issues faced by the industry.
According to Arseny Shchetsin, director of the RACIB, their latest project is a first attempt at creating an international standard of ICO rating. Once the agency succeeds in developing this standard, it will become used on ICOs world-wide. At the moment, ICOs are mainly self-regulated, with each country applying its own, often incomprehensive set of standards. The agency has decided to take on this task, to discourage the growing number of fraudulent campaigns and scammers emerging in the industry.
To create a comprehensive framework for ICO ratings, RACIB has been collaborating with 30 other agency from countries around the world. According to Izvestia, the agencies represent key contributors to the ICO industry within their respective countries.
RACIB intends to create a standard which could be applied internationally. Some of the collaborating countries include Estonia, Germany, Malaysia, Switzerland, Lithuania, Australia, Indonesia, Singapore, Latvia, India, Turkey, Bahrain, Czech Republic, Kazakhstan, Poland, and Ireland.
Also, Klimenko announced earlier this week that RACIB is currently investigating the possibility of applying ICO investment restrictions. According to Rambler News Service, the RACIB will be working with the Russian Central Bank in its investigation. Currently, the limitations can be anything between $1000 and $10000 per project, annually.
According to Klimenko, it will be convenient for the state to collect anywhere between $2-5 million with the investment limitations in place. Klimenko added that Russia is unlikely to legalize any project that raises between $200-300 million. However, Klimenko felt that the suggested restrictions will be reasonable and realistic, especially for mid-sized businesses.