Sberbank and NSD will test ICO technology on the regulatory platform of the Central Bank

Sberbank and NSD will test ICO technology on the regulatory platform of the Central Bank

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The Sberbank CIB corporate investment division and the National Settlement Depository (NSD) plan to start testing the technology of initial coin offering (ICO) on the regulatory platform of the Bank of Russia. This is written by RNS.

“Sberbank CIB considers the Russian ICO market highly promising. Many customers of Sberbank CIB are interested in this method of attracting financing, and we intend to actively promote this service after the entry into force of the relevant legislation, acting as one of the drivers for institutionalizing and promoting this type of transactions,” said Igor Boulantsev, Sberbank CIB’s head.

The issuer of tokens will be the company Level One, which manages the largest commercial lecture in Moscow. The NSD will perform the functions of storing, registering and recording digital assets.

It is expected that the first transaction using tokenized assets will be completed by the end of the summer. The project is aimed at assessing the specifics of such activities, minimizing the risks associated with it and receiving a response from the Bank of Russia on improving the mechanisms for conducting transactions with digital assets.

On Tuesday, the State Duma adopted in the first reading a draft law on cryptocurrencies, according to which the Bank of Russia should set a limit on investing in ICO for unqualified investors.

The regulatory platform of the Bank of Russia was launched in April this year. It is planned that it will be used to quickly introduce new financial services and technologies that require changes in legal regulation. To evaluate such services and technologies will be the Central Bank in conjunction with interested state bodies and profile associations.

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