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Russia Proposes Law To Regulate ICO Issuers

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Russia's Ministry of Communications and Mass Media reportedly released a document that specifies capital requirement and other criteria for the operation of initial coin offering (ICO) organizers.

The proposal is currently open for public comments. The draft, if enacted, will empower the ministry to accredit ICOs and issue license for a period of five years.

The ministry has proposed series of requirement that bind activities of ICOs. According to the draft, ICO organizers should maintain nominal capital of around RUB 100 million or about $1.7 mln.

The draft requires ICOs to register as legal entity within the Russian territory and also get license for the development, production and issuance of tokens. The ICOs should also possess a licensed bank account.

Further, the issuer is obliged to redeem digital tokens at a nominal price.

The ministry will have the right to accept or reject accreditation within 30 days from the receipt of application. The accredited organization will be subject to inspection in every three years.

Earlier on January 25, the Finance Ministry had submitted a proposal to regulate the issuance, trade and storage of cryptocurrencies.

by RTTNews Staff Writer

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