Russia to Develop International Ratings Standard for ICOs

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This week it was announced that the Russian Association of Blockchain and Cryptocurrency (RACIB) will be developing a uniform ratings standard for ICOs.

These standards will be written with the goal of uniting blockchain participants, owners, miners, and investors of cryptocurrencies and ICOs, and will apply to both Russian and foreign companies.

Arseny Schetsin, director of RACIB says this development “will become the first in the world standard of ratings in the field of ICO”. The industry is currently self-regulated, with different ratings systems used by different agencies. RACIB says the standards have been developed due to the “large number of scammers who manipulate the ratings” in the ICO market, “using an unknown methodology and a for a fee to raise the score”.

RACIB has partnered with 30 organisations to develop the global standards, cooperating with representatives from around the globe, including Germany, Switzerland, Australia, Singapore, India, Bahrain, Kazakhstan, Ireland, Poland, Czech Republic, Turkey, Latvia, Indonesia, Lithuania, Malaysia, Estonia, and more. It’s expected that the Russian standards will be applied internationally.

It was also announced that RACIB is discussing restrictions on ICO investments with the central bank. The investment ceilings in discussion are said to be as low as $1,000 per project and $10,000 per year.

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