Russia is driving a new initiative with thirty international partners to create a global standards body for ICOs, it has been revealed.
The development, announced by news-site Bitcoin.com, indicates a Russian drive for international standards that will include, amongst other things, demands for minimum upfront capital investment from an ICO.
Guidelines outlining a maximum amount in contributions that should be solicited from investors are also expected to be tabled for discussion.
Russian Association of Blockchain and Cryptocurrency
The move is being spear-headed by the Russian Association of Blockchain and Cryptocurrency (RABIK), an outfit that was created in August of this year by Herman Klimenko, a close associate of and advisor to Russian President Vladimir Putin as part of a series of recent Russian measures favouring blockchain advocacy.
Whilst having expressed frequent scepticism – and more usually outright criticism – in relation to the cryptocurrency phenomenon, particularly with Bitcoin, Russian authorities now appear to be adopting a more receptive posture towards developments within the crypto universe.
Improvement in Standards
Nation states are currently struggling to adapt existing legislative frameworks to address the issues raised by the ICO crowdfund model.
The RABIK initiative, whilst appearing unlikely at this stage to form the basis for any future international legislative framework for ICOs, appears nonetheless to be among the leading practical propositions for addressing the issue of standards that are perceived as frequently lacking in the ICO arena.