Deputy Finance Minister Aleksey Moseev has called Russia the largest market for raising funds through ICO and encouraged to avoid rigid regulation in this sphere.

In the state Duma of the Russian Federation held a discussion before the first reading of two draft bills to regulate cryptocurrencies and ICO. Both documents — “On digital of financial assets” and “About alternative ways of attracting investment (crowdfunding)” — was introduced in the state Duma on March 20.

As previously reported, these bills have received the approval of the government subject to modifications after the first reading.

During the discussion of draft laws at a meeting of the Committee on Finance Aleksey Moseev said:

“The situation is such that Russia is the largest market to attract the ICO. We learn about it by reading from the Newspapers”.

The Deputy Minister recognized the need to establish a “frame and secure format.” According to him, too strict regulation may lead to the fact that we “will not see any ICO”.

“It’s holding us back from more regulation,” concluded Moses.

In December last year, he was a meeting of the public Council of the Ministry of Finance said that “Russia is one of the world centers of the ICO”. In January, his words have been confirmed by analysts Ernst&Young — Russia lost to the volume of funds raised via the ICO in 2017, only the US and China.