Russia Developing Global ICO Ratings Standard With 30 Countries

The Russian Association of Blockchain and Cryptocurrency has partnered with representatives of 30 countries to develop a global ratings standard for initial coin offerings (ICOs). The association is also in talks with the Russian central bank to impose limits on ICO investments.

Also read: South Korea Outlines Proposed Legislation for Cryptocurrency Exchanges

Russia Developing Global ICO Ratings Standard

Russia Developing Global ICO Ratings Standard With 30 CountriesThe Russian Association of Blockchain and Cryptocurrency (RACIB) has announced that they will be developing a uniform ratings standard for ICOs, Izvestia newspaper reported this week.

The association was established with the participation of Herman Klimenko, the adviser to the President of the Russian Federation on Internet development. Its goal is to unite blockchain participants as well as owners, miners, and investors of cryptocurrencies and ICOs.

Russia Developing Global ICO Ratings Standard With 30 CountriesThe director of the association, Arseny Shchetsin, told the news outlet that this development “will become the first in the world standard of ratings in the field of ICO,” noting that it will be applicable to not only Russian companies but also foreign ones. Currently, the industry operates on a self-regulation basis with each ratings agency adopting its own ratings system. RACIB decided to develop a standard because there is “a large number of scammers who manipulate the ratings” in the ICO market, using “unknown methodology and for a fee to raise the score,” he explained.

To develop this global standard, RACIB entered into partnership agreements with 30 organizations, which it considers “the largest players in the industry from Read More Here