The Russian Ministry of Communications and Media (Minkomsvyaz) problems a file organising Licensing Rules for ICO Projects, February 12.

Some of the important thing necessities offered to virtual token issuers require a nominal capital of about 100 million. rubles – roughly equivalent to $ 1.7 million – and a license for the improvement, manufacturing and issuance of chips. In addition, symbolic transmitters are required to have a specifically licensed checking account.

According to the file, the ICO license can be granted via Minkomsvyaz for a length of five years.

In the file Minkomsvyaz defines a virtual 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 calls for issuers to offer audited ICO laws, together with the issuer’s tasks to ensure the redemption of virtual portions at the foundation of an irrevocable public be offering.

The issuance of virtual tokens should be supplemented in Russian rubles by way of a non-cash. law. In addition, the corporate that problems the chips can handiest direct its income to take care of tasks to redeem those tokens at a symbolic worth.

Earlier on January 25, the Russian Ministry of Finance offered a draft law on virtual belongings. Bill that defines and establishes a regulatory device for cryptocurrencies, nation workplaces, in addition to mining and business actions.

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