RUSSIAN Ministry of Telecommunication and Mass Communications (MinComSvyaz) has set new guidelines for ICOs.
Russia prefers to regulate ICOs as the country with the highest popularity of ICOs instead of prohibiting them. Moreover, Russia positions their national currency Ruble as an integral part of the ICO process.
According to MinComSvyaz’s local news source Kommersant, they published a Russian document about ICO regulation.
Some of the most notable points on the note are:
- ICO organizers will be accredited for 5 years;
- It is proposed that the accreditation be voluntary and controlled by MinComSvyaz;
- ICOs must be registered in the Russian Federation;
- Registered capital should be at least 100 million rubles (1.7 million USD);
- It must be licensed to develop, produce and distribute cryptographic goods;
- It must be a Russian bank account to transmit money from ICO;
- The extraction of digital markers should only be done in rubles (cashless payment).
In addition, ICO organizers will be asked to support buybacks at nominal prices from investors, using money from sales of tokens.
Arseniy Sheltsin, head of Russia’s Association of Cryptocurrency and Blockchain, said: “It’s hard to comment on these regulations in any shape or form, because they are disconnected from reality.
“The document uses inaccurate terminology, which can result in conflict, nor does it correspond to existing regulations.”
Russia’s Ministry of Telecom and Mass Communications has also put forward the idea to set up a cryptocurrency exchange, where Russian miners can trade their digital coins for fiat money.
The ministry has held consultations with representatives of the crypto sector and prepared a comprehensive concept to regulate the mining industry. Mincomsvyaz has also hosted consultations with representatives of the crypto community and has framed a comprehensive concept to regulate the mining industry, Deputy Minister of Communications Alexei Kozyrev told RBC.
Its main provisions have been included in the updated version of the bill “On Digital Financial Assets”, authored by the Finance Ministry.