The Russian Ministry of Communications and Mass Communications drafts ICO-related bills

nRunaway Comment: The Russian Ministry of Communications and Mass Communications has drafted a bill on ICOs aimed at certifying ICO issuers in the hope of giving full control over such sales of cryptocurrencies. Under the Act, successful accredited organizations will have to comply with a number of rules, such as having a registered capital of 100 million rubles and an inspection every three years. At present, regulators have begun to solicit public opinion on the bill.n
nTranslation: Inan
ICO issuer certificationn
It has been reported that the Russian Ministry of Communications and Mass Communications has submitted a proposal to seek a five-year certification of ICO issuers on a voluntary basis.n
The proposal details the procedure for accrediting organizations that issue digital tokens, which has been posted on the Russian government’s normative legal practices portal, and regulators are currently seeking public opinion on the program.n
Tass news agency summed up the proposal:n
n”Token distribution organizations must meet a range of criteria: registration in the territory of the Russian Federation in accordance with the registration requirements for legal entities; registered capital of at least 100 million rubles; licenses to develop, manufacture and distribute encrypted funds; sales of digital tokens Special bank account. “n
Mandatory rulesn
Certified ICO issuers must comply with some mandatory requirements. First, they must “exchange tokens of digital token holders at a low price based on an immutable offer.” Second, they are obliged to “issue digital tokens for Russian rubles through cashless settlement.” In addition, they have the responsibility “to use funds obtained through digital token purchasers, but only to maintain their ability to perform their token exchange obligations.”n
The media also pointed out:n
n”The Ministry of Communication will decide whether to grant certification within 30 days after it receives the application, and a certified organization shall undergo a full inspection (excluding unplanned inspection) every three years to meet the required requirements.”n
nAlthough the proposal is strict with future ICO issuers, Nikolai Nikiforov, the minister for communications and mass media, commented last week: “It’s important not to over-regulate emerging things for all projects in the digital economy.” RBC The report quoted him:n
n”We decided that we should take the certification path and allow some professional organizations to implement the first real projects, otherwise our country would be technically backward.”n

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