Russian Ministry of Communications Establish Licensing Rules for ICO Projects

Source : Russian Ministry of Communications Establish Licensing Rules for ICO Projects
Russian Ministry of Communications and Mass Media or Minkomsvyaz has posted a document setting up the licensing regulations for initial coin offering ventures, on February 12. A number of important necessities provided to digital token issuers require nominal capital of nearly one hundred million rubles or almost $1.7 million and a license for the improvement, manufacturing, and issuance of tokens. Moreover, token issuers are obligated to own a particularly certified bank account.

In line with the document, the initial coin offering license will be granted by Russian Ministry of Communications and Mass Media for a period of five years. Within the report, Minkomsvyaz defines a digital token as an encrypted record in a distributed technology system, which certifies the token’s proprietor’s right to gain the initial rate of the token from the token’s provider through a distributed technology system.
Russian Ministry of Communications and Mass Media additionally calls for the issuers to offer audited initial coin offering regulations such as the provider’s responsibilities to assure the redemption of digital currencies based on an irrevocable public provide.

The issuance of virtual tokens must be completed in Russian rubles through a non-cash agreement. Moreover, the organization that issues the tokens can just direct its income to keep responsibilities to purchase back those tokens at a nominal rate. Formerly on January 25, Russia’s Ministry of Finance added a draft of the digital property regulation bill, which defines and establishes a regulatory system for digital currencies, initial Coin offerings, as properly mining, buying, and selling activities.

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