The Russian Ministry of Communications and Media (Minkomsvyaz) issues a document establishing Licensing Rules for ICO Projects, February 12.
Some of the key requirements presented to digital token issuers require a nominal capital of about 100 million. rubles – approximately equal to $ 1.7 million – and a license for the development, production and issuance of chips. In addition, symbolic transmitters are required to have a specially authorized bank account.
According to the document, the ICO license will be granted by Minkomsvyaz for a period of 5 years.
In the document Minkomsvyaz defines a digital token as an “encrypted record in a DLT (Distributed Ledger Technology) system that certifies the right of the owner of the token to obtain the original price of the chip token. the token issuer via a DLT system. ”
Minkomsvyaz requires issuers to provide audited ICO rules, including the issuer’s obligations to guarantee the redemption of digital parts on the basis of an irrevocable public offer.
The issuance of digital tokens must be supplemented in Russian rubles via a non-cash. regulation. In addition, the company that issues the chips can only direct its profits to maintain obligations to redeem these tokens at a symbolic price.
Earlier on January 25, the Russian Ministry of Finance presented a draft regulation on digital assets. Bill that defines and establishes a regulatory system for cryptocurrencies, country offices, as well as mining and commercial activities.