Putin approves framework for ICO

Russian President Vladimir Putin approves a timeline for a framework that will regulate ICOs and cryptocurrency mining operations
31 October 2017   2164

According to the official documents published on the Kremlin website, Russian President Vladimir Putin signed several orders intended to regulate cryptocurrency usage within the country.

A list of assignments on kremlin.ru
A list of assignments on kremlin.ru

Thus, the orders mandate that Russian Prime Minister Dmitry Medvedev and central bank chief Elvira Nabiullina must draft regulations that bring ICOs in line with existing laws governing securities.

On top of that, the regulations that will require Russian cryptocurrency mining operations to register with the government and determine the appropriate procedure for the government to tax income garnered from those operations are to be implemented. Then, the legal status of cryptocurrencies used within the financial sphere “based on the obligation of the ruble as the only legal tender in the Russian Federation” must be determined. The tasks must be completed by July 1, 2018.

Finally, the government plans to establish a regulatory sandbox that will allow the central bank consider additional regulations for cryptocurrencies and other fintech products, as well as draft proposals for a  “single payment space” created for the member states of the Eurasian Economic Union (EAEU).

Some sources speculate that the mandate may be in preparation for the launch of the cryptoruble, a state-controlled cryptocurrency that Putin reportedly approved during a closed-door meeting earlier this month.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   992

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.