The Moscow Exchange (MOEX) is preparing infrastructure that will allow companies to conduct initial coin offerings (ICOs), which it expects to launch this year, Reuters reported June 8.
The exchange is reportedly working on the development of basic infrastructure for companies to participate in ICOs and publish token sale data. According to Moscow Exchange CEO Alexander Afanasiev, the exchange will not list tokens, but provide information about the responsibilities of token issuers, in addition to descriptions of certain tokens and ICOs to investors. He added:
“Right now we’re looking at this from the point of view of fiat currencies, because cryptocurrencies don’t have the status of a legally protected asset. If they obtain that status, we will place them in our system as well.”
Additionally, the exchange is looking to issue futures contracts for ICOs, provided there is sufficient demand from investors. Afanasiev said that currently the exchange is conducting marketing research on potential interest in the products and what type futures specification it might be.
The Moscow Exchange is the main liquidity and price discovery center for Russian financial instruments. It trades in equities, bonds, derivatives, currencies, money market instruments, and commodities, with a total trading volume around $1.1 trillion, as of May 2018.
In May, the Russian State Duma approved the first reading of new laws regulating the cryptocurrency industry. The laws define cryptocurrencies and tokens as property, and lay out specifications for interacting with crypto and blockchain-related technologies.
Sberbank CIB, the investment banking arm of major Russian bank Sberbank, and the National Settlement Depository, which is part of the Moscow Stock Exchange Group, announced plans to pilot the country’s first official ICO last month. The possible launch of the project is scheduled for the end of summer 2018.
Cointelegraph.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
