Russia's National Settlement Depository (NSD) and Sberbank CIB will test a new regulatory platform created by the Bank of Russia, the country's central bank. Both banks' core lines of business include asset management and investment banking. The proposed platform will examine the supply and distribution of initial coin offerings (ICOs), to make them more secure and transparent for the bank's clients and investors.
The NSD, which acts as the central securities depository for the entire Russian Federation, will record tokens, carry out their issuance, and provide clearing and settlement for the ICO, as well as keep and register digital assets. Sberbank CIB, the Bank of Russia's asset-management branch, will act as the issuance coordinator and anchor investor in the tokens. Level One, a company that manages Moscow's biggest commercial lecture hall, will be the issuer of the coins.
Igor Bulantsev, senior vice president of Sberbank, announced:
Sberbank CIB considers the Russian ICO market to be very promising. Many Sberbank clients are interested in this type of investment, and we plan to promote this service proactively once the appropriate legislative framework comes into effect; we will be one of the drivers to institutionalize and popularize this type of transaction.
The feedback from the test is essential, as it would help the platform improve before being released to the public.
The Russian Federation recently came close to deciding the content of a draft law that would regulate cryptocurrency activities in the country. The Finance Ministry recommended imposing a cap on the amount individual investors can put into ICOs annually, in order to protect investors. The Bank of Russia is concerned with the law, in order to determine if the tokens should be exchanged with Russian rubles. According to Russian news outlet RIA, Alexei Moiseev, Russia's deputy finance minister, said that this jurisdictional disagreement between the Bank of Russia and the Finance Ministry has been resolved; if it passes, the new law is expected to roll out by the end of the summer.