A source close to the National Bank of the Republic of Belarus (NBRB) recently revealed that the bank is considering strict requirements for investing in Initial Coin Offerings (ICOs). Additionally, а similar regulatory framework is planned for crypto exchanges, local IT media outlet dev.by reports Tuesday, May 8.
The regulators proposed limiting ICO investments to qualified investors in order to minimize the risk of common investors losing their money.
Qualified investors must fulfill two of four criteria: an individual may become qualified if they have relevant education and work experience. If an individual lacks either of these, they must fulfill one of the financial criteria.
According to dev.by, the financial threshold to become a qualified investor is “very high.” Potential investors must have either a $20,000 minimum annual income, or a $50,000 minimum savings. Both sums may include crypto assets and securities, as well as fiat money. According to CEIC data, Belarusian annual household income per capita was $3,478.27 in 2017.
Apart from minimums for annual revenues and accumulated capital, qualified investors must also possess special education and work experience in the relevant field. The report says the same standards will apply to cryptocurrency traders…