Russia’s most significant equities exchange, Moscow Exchange (MOEX) has hinted that its developing a system that would assist companies in the nation to conduct successful initial coin offerings (ICOs).
While some crypto and non-virtual currency businesses have succeeded in actualizing their dreams of creating real products and services via funding from ICO schemes, many others have failed to remain afloat, now MOEX is poised to make it a win-win scenario for both firms and investors by developing a platform for onboarding new projects.
MOEX Plying the Crypto Route
According to a Reuters report, the firm is actively working towards the launch of its infrastructure that would enable companies to launch digital currency-based fundraisers and publish token sale information.
The CEO of MOEX, Alexander Afanasiev has made it clear that the exchange will not list ICO generated tokens but would provide a detailed description of all the projects in a way that makes it less complicated for prospective investors.
“We are now developing projects, creating the basic infrastructure in order to be able to display companies on the ICO, in order to be able to display tokens, so that this token would be described – which is now missing at all those sites that offer this kind of services.”
At a time when the Russian authorities have infused a breath of fresh air into its blockchain-based virtual currency space by approving some guidelines aimed at regulating the cryptospace, the exchange is optimistic of succeeding in its new adventure.
Although the draft failed to recognize cryptocurrency as a valid means of payment for goods and services, it categorized it as property.
MOEX’s move towards offering ICO futures and other services is a giant leap in the right direction and a good thing for the local virtual currency space, even at that, it is glaringly evident that bitcoin and other cryptocurrencies are yet to win the hearts of Russian authorities.
In January 2018, reports emerged that President Vladimir Putin had given his nod to the creation of a stated-backed cryptocurrency that could help the nation circumvent international sanctions.
Interestingly though, On June 7, 2018, Putin said on the “Direct Line” broadcast that the cryptoruoble dream is quite impossible at the moment since no sovereign nation has the power to own a national digital currency due to the decentralized nature of the space.