Russia Unveils ICO Regulations, Underpinned By The Ruble

Russia’s Ministry of Telecom and Mass Communications (MinComSvyaz) has prepared regulations for ICOs. The document is currently in the public discussion stage. Some of the most notable points in the document are:

  • ICO organizers would be accredited for a period of 5 years;
  • Accreditation is proposed to be voluntary and controlled by MinComSvyaz;
  • ICOs must be registered in the Russian Federation;
  • Registered capital must be at least 100 million rubles (1.7 mill USD);
  • Must be licensed to develop, produce, and distribute cryptographic commodities;
  • Must have Russian bank account for transmitting money raised from ICO;
  • Issuing of digital tokens must be carried out in rubles only (cashless settlement).

Additionally, ICO organizers would be required to support buy-backs from investors at the nominal price using the money raised from the token sale. Lastly, these regulations must be enforced by the given licensed companies, accredited by MinComSvyaz.

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