Russia is drawing up rules about how to conduct initial coin offerings, breaking ranks with China after President Vladimir Putin signaled his approval for digital currencies.
While China slapped a blanket ban on ICOs this month, the government in Moscow plans to regulate cryptocurrencies like securities rather than outlawing them, Finance Minister Anton Siluanov told reporters on Friday.
That marks a full reversal from his ministry's proposal last year to punish people who use digital currencies with up to seven years in jail.
Appetite for the new instruments has been growing ever since Putin met in June with the founder of the world's second-largest cryptocurrency after bitcoin and gave his blessing for Russia to develop blockchain, the technology underlying bitcoin.
A consortium of lenders including Sberbank PJSC is now seeking to use the technology to cut costs, while a presidential aide last month announced plans for an ICO.
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