Russian Banks to Test Official ICO Regulatory Platform

Two Russian banks were selected to take part in the pilot ICO which is based on the official regulatory platform. According to the local media outlet Forklog, these banks are Sberbank CIB and the National Settlement Depository (NRD). Sberbank CIB is the subsidiary of state-owned bank Sberbank, and NRD is a member of Moscow Stock Exchange Group. Right now the banks are working with the central bank to settle all remaining issues and start the platform in late August.

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The Russian government wants to introduce a regulatory framework for ICOs by developing an official platform. During the first part of the pilot program, a company called Level One will issue their token. Sberbank will take part in the process as the issuance coordinator. NSD’s role will be to settle transactions and protect the assets. By conducting the ICO in such a way, the government representatives aim to achieve perfect transparency and efficiency at the same time. The developers plan to monitor the platform carefully before it is ready for the official public launch.

Igor Bulantsev, senior vice president of Sberbank commented:

“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.”

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