Two Russian financial institutions announced they will test a regulatory ICO platform, which will enhance transparency and security in domestic initial coin offerings (ICOs) for investors, reported Coindesk on May 24.
Russia’s National Settlement Depository (NSD) is working in collaboration with Sberbank CIB, the bank’s corporate and investment division, to trial an ICO platform launched by Russia’s Central Bank in April.
A company called Level One will launch a token sale where Sberbank CIB will act as the “issuance coordinator and anchor investor,” and the NSD role will consist in recording and settling transactions, and securitizing the assets.
The transparency provided by the new platform will enhance transparency, which aims to reduce risks for investors through the issuance token process. The partnerships still need to improve the platform before it can be used worldwide.
The senior vice president of Sberbank and head of Sberbank CIB, Igor Bulantsev, mentioned,
“Sberbank CIB considers the Russian ICO market to be very promising. Many Sberbank clients are interested in this type of investment, and we plan to promote this service proactively once the appropriate legislative framework comes into effect; we will be one of the drivers to institutionalize and popularize this type of transaction.”