Belarus calls for regulation of ICOs and cryptocurrencies
According to a source close to the National Bank of the Republic of Belarus (NBRB), the financial institution advocates stricter regulation regarding investments in Initial Coin Offering (ICO). According to a local media report dev.by on May 8, effective regulatory measures, similar to those of cryptocurrency trading, are planned.
Satisfy requirements to invest in ICOs
In order to limit the risk of losing money, regulators have suggested that only investors eligible for ICOs are allowed to invest.
Qualified investors will be required to meet two of the four requirements mentioned: possess necessary training and relevant experience. If an investor does not meet one of the criteria, he must meet the financial criteria.
In order to become a qualified investor, the financial threshold is "very high. " Knowing that the annual household income per capita was estimated to be $ 3 478.27 last year, potential investors should have an income of $ 20,000 for the year or a minimum of $ 50,000 in their savings account . These two sums include both cryptocurrency holdings and fiduciary money. This requirement somewhat reduces the number of potential investors.
In addition to minimum annual income and savings capital, specialized training in the field and long-term professional experience are required. These standards also apply to cryptocurrency traders, according to the report.
Belarussian crypto-bourses and ICO issuers have no room for error. The investment system in Belarus is at the training stage. If an ICO project that has raised money from citizens fails, it can quickly become a bad scandal. People will lose money. Therefore, at the initial stage of development, we propose to do otherwise, to limit ourselves to qualified investors.
Caution is required
When we talk about ICO, we must know that there are many criteria to take into account, the regulators think including the exemption of debts on budget payments, risk management policies, control policies and anti-money laundering (AML) policies.The authority favors warnings about the risks inherent in investing in ICOs. Just like those prescribed for crypto-scholarships, no promise of income should be guaranteed. The anonymous source points out that the next regulatory measures will take place on "international experience. "
The Belarussian authorities will look into the development decree of the digital economy to demand customer data from virtual currency exchanges. Cointelegraph reported this information a week ago. In March, Belarus introduced the accounting standards related to cryptocurrencies.
What do you think of the investment criteria in ICO and cryptocurrencies in Belarus? Will other countries have to follow suit? Let us know in the comments section below.
Is Belarus relevant?
If I was an entrepreneur, I would have stayed out of it regardless of the charade of discount that it might present, because my life and freedom are more important for me, and whatever opportunity it present, is only temporary, a bait.
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