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Ministry of Communications and Mass Media (Minkomsvyaz) has
published a document establishing the
licensing rules for ICO projects, Forklog news
outlet reported Monday, Feb. 12.
Some of the key requirements presented to digital
token issuers require nominal capital of about 100 mln rubles -
approximately equal to $1.7 mln - and a license for the
development, production, and issuance of tokens. Additionally,
token issuers are obligated to possess a specially licensed bank
account.
According to the document, the ICO license will be
granted by Minkomsvyaz for a duration of 5 years.
In the document Minkomsvyaz defines a digital token as
an “encrypted record in a distributed ledger technology (DLT)
system which certifies the token’s owner’s right to obtain the
initial price of the token from the token’s issuer via a DLT
system.”
Minkomsvyaz also requires the issuers to provide
audited ICO rules including the issuer’s obligations to guarantee
the redemption of digital coins on the basis of an irrevocable
public offer.
The issuance of digital tokens must be completed in
Russian rubles via a non-cash settlement. Furthermore, the company
that issues the tokens can only direct its profits to maintain
obligations to buy back those tokens at a nominal price.
Previously on Jan. 25, Russia’s Ministry of Finance introduced a draft of the
Digital Assets Regulation Bill which defines and establishes a
regulatory system for cryptocurrencies, ICOs, as well mining and
trading activities.