The Ministry of Media and Mass Communications of the Russian Federation published a draft resolution that defines the requirements for the ICO.
Those who conduct ICO are invited to voluntarily receive a five-years license provided by the Ministry of Communications. The company has to be registered in Russia, its issuers have to possess an authorized capital of at least 100 million rubles (approximately $1.7 million) and an official license to develop, produce and distribute crypto-funds and an account in a Russian bank.
The exchange of cryptocurrency can be carried out only for rubles. The company will be able to use the funds only for the purposes that have been agreed on in advance.The Ministry also requires the issuers to provide audited ICO rules including the issuer’s obligations to guarantee the redemption of coins on the basis of an irrevocable public offer.
Director of the Russian Association of Cryptocurrency and Blockchain Arseniy Shcheltsin noted that the bill seems “far from reality.” According to the document, ICO will have to be held only in order to be able to give back the collected money instead of using them for the development of business or investment, the expert believes.