Another Russian Ministry proposed a law to regulate ICO

Another Russian Ministry proposed a law to regulate ICO

One of the ministries of Russia has proposed legislation that, if approved, will make nevozmozhnym the holding of ICO without some initial capital.

The proposal was initiated by the Ministry of communications and mass communications of Russia last week. Its essence lies in the number of requirements for organizations wishing to hold ICO.

One of the main requirements is that the organizers of the ICO needs to have the authorized capital in the amount of not less than 100 million rubles (1.73 million U.S. dollars) and must be registered as a legal entity on the territory of Russia, Bank accounts in licensed financial institutions. Danny at the time the proposal is in the public comment period, which runs from 9 February to 23 February.

This law, if adopted, will also provide the Ministry of communications and mass communications of the right to accredit ICOs within 30 days after filing.

In addition, the new law will also allow the Ministry every three years to conduct inspections, to confirm compliance with the requirements of the accredited projects.

Recall that a month ago, the Ministry of Finance presented its proposal on the regulation of investment in cryptocurrencies and procedure ICO.

The Ministry of Finance said that the initiative is in full accordance with the decrees of the President of Russia Vladimir Putin released last year.

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