Ministry of Communications and Mass Media of Russia: The nominal capital of the initiator of the ICO project needs at least 100 million rubles

According to foreign media news, the Russian Ministry of Communications and Mass Media (Minkomsvyaz) has released a document, which involves the licensing rules for the establishment of ICO projects.

According to the content of the document, if a digital token issuer needs to launch an ICO project, one of the important indicators is that the nominal capital amount needs to be at least 100 million rubles (about 1.7 million U.S. dollars), so that it can obtain development, production, and ICO in Russia. License to issue digital tokens. In addition, digital token issuers are also obliged to hold a "specially licensed" bank account.

In addition, the regulatory document also disclosed that the license for the digital token project will be issued by the Russian Ministry of Communications and Mass Media for a period of five years. At the same time, the Ministry of Communications and Mass Media of Russia also defines digital tokens as "encrypted records in a distributed ledger technology (DLT) system, which can prove that the owner of the digital token has the right to start from the distributed ledger at the initial price. The technical system acquires digital tokens from token issuers.”

On the other hand, the Russian Ministry of Communications and Mass Media also requires issuers of digital tokens to provide audited ICO rules, including the obligations of issuers of digital tokens, etc., to ensure that they cannot withdraw public offers and redeem digital tokens.

Not only that, digital token issuance must use rubles and be settled by non-cash means. In addition, if a company that issues digital tokens wants to repurchase its own tokens, it can only use its own profits to purchase at normal prices.

On the 25th of last month, the Russian Ministry of Finance issued a draft of the "Digital Asset Supervision Act", which established a regulatory system for digital currency, ICO, and mining and digital currency transactions.