The Russian Ministry of Communications and Mass Media (Minkomsvyaz) has distributed a document with a specific end goal to approve the issuers of Initial Coin Offerings (ICOs) that peruses “on a voluntary basis for a period of five years.”
The document builds up the licensing rules for ICO organizations that issue digital tokens. Distributed on the official portal of normative legal acts of the Russian government, it is at present sitting tight for the general population remarks on their arrangement.
A couple of the key necessities for the digital token issuers are to have a license for the production, improvement, and issuance of tokens alongside having an nominal capital of around 100 M rubles i.e $1.7 M roughly. And, token issuers are additionally required to get a special licensed bank account, which will be gotten because of the sales of tokens.
Minkomsvyaz will be the one to give the ICO license and that too for a span of 5 years.
According to the document:
“A digital token means a record in a distributed information system created using cryptographic (encryption) means that certifies that the holder of the digital token has the right to receive from the person who posted the initial (initial) digital token of the initial (nominal) value token by presenting this token using a distributed information system.”
The ICO issuers should take after specific rules that are obligatory, to be specific:
“The duty of the person issuing the digital tokens, to redeem the digital tokens at the nominal price from any bearer of the digital token on the basis of an irrevocable public offer; the obligation to issue digital tokens for Russian rubles through non-cash payment, and the obligation to issue digital tokens for Russian rubles through non-cash payment.”
In addition, the accreditation or refusal of accreditation will be chosen by the Ministry of Communications within 30 days. These certified organization will likewise be liable to inspection for every three years.
Toward the end of last month, Russian Ministry of Finance exhibited a draft of the Digital Assets Regulation Bill that secured the regulatory system for ICOs and digital currencies alongside mining and exchanging activities.
Likewise, toward the beginning of February, Nikolai Nikiforov, the Minister of Communications and Mass Media, remarked that: “It is very important in all projects of the digital economy not to over-regulate what is just emerging.”