The Ministry of communications and mass communications of Russia (the Ministry) has prepared guidelines for issuing digital tokens, or rather, ICO.
It seems that Russia is preparing regulations, while refraining from an outright ban, because the residents of the largest country in the world zaintresovany to ICO.
Moreover, the Russian Federation has taken its national currency, the ruble, is an integral role in the process of ICO.
The document was published in Russian on the website regulation.gov.ru and currently is under public discussion.
Some of the key points in the document:
- Accreditation the organizers of the ICO will be issued for a period of five years;
- Accreditation is voluntary and controlled by the Ministry of communications;
- ICO must be registered in the Russian Federation;
- The authorized capital shall be not less than 100 million rubles (1.7 million USD);
- The project must have a license to develop, manufacture, and distribution of cryptographic goods;
- Required Bank account in a Russian Bank for transactions received during the ICO means;
- The issue involves the use of only Russian rubles by Bank transfer.
Among other things, the organizers of the ICO propose to mandate the use of the money from the sale of tokens to enable them to repurchase from investors at a nominal price. Finally, these rules must be observed by licensed companies, accredited by the Ministry of communications.
According to the document, the digital token are considered to be the entry in the distributed information system created using cryptographic algorithms. This record confirms the presence of the owner of rights to receive from the organizer the primary issue digital token to its initial value.
However, some experts warned that such measures may be a disservice and, conversely, to scare the leaders of the new projects carried out in Russia ICO, although at present officially their and so the country is not carried out.
In addition, the document does not address some important details, such as pre-ICO, according to managing partner of the venture Fund TMT Investments Artyom Inyutin. This process often involves so-called “conditional” tokens which early investors buy at a discount, although with greater risk.
The Ministry of communications, in principle, “should not manage the processes on these financial platforms,” added Inulin. The investor believes that such regulations would complicate the conduct of the ICO in Russia .
“That’s what I am afraid,” he said. “The documents often leave the possibility for dual interpretation, and it can damage the process ICO”.
In addition, the regulatory document does not address the lock up procedure — obligations of the investors to refrain from the sale of tokens for a certain period of time.
Arseny of Saltin, Director of the Russian Association of cryptocurrency and blockchain (RACIB), said:
“It’s hard to comment on this ruling in any of its variations because it is divorced from reality”
According to the document, it turns out that the money must be collected in order to be able to give them, and not to direct them on internal business processes and investments, the expert said.
“The document is ambiguous terminology, which can lead to conflict,” continued Saltin. “And it does not comply with existing legislation”.