13
February2018
Russian ICOs go to Western jurisdictions: budget suffers billions of losses

Russian ICOs go to Western jurisdictions: budget suffers billions of losses

Russian startups that can’t organize an ICO in Russia are launching them abroad in large numbers. The reason is simple current Russian laws do not regulate this way of attracting investments.

Because of startups departing to Western jurisdictions, RF budget lost over 18 billion rubles in 2017 alone. According to Russian Association of Blockchain and Cryptocurrency, state could receive another 3.5 billion in the form of taxes from departed startups.

This money would be enough to hold at least one public social program, clarify the association representatives.

All budget losses were calculated without taking into account the commissions that Russian cryptocurrency users pay to foreign companies for transferring virtual money to fiat.

 

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