Russian Government Proposes a Law to Enact ICO

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13 Feb 2018, 19:11

One of the Russian government ministries has proposed a law that, if approved, introduces a capital requirement for the initial supply of coins (ICO).
The proposal, which was issued by the Russian Ministry of Communications, aims to enforce a series of requirements before any ICO activity is formally accredited in the country.

ICO funds must have at least 100 million rubles ($ 1.73 million) of authorized capital and must have registered in Russian law on Russian territory. The proposal was released as part of a public comment period from February 9 to February 23.
The resolution, if promulgated, must give the Ministry of Communications and Mass Media the right to accredit IFAs within 30 days of submitting a project.

In addition, by the draft of the government, the Minister wants to mandate inspections every three years to review if accredited projects are still in compliance with the requirements.
The new project marks the final steps in the development of cryptocurrency regulations and initial offers of coins especially in Russia. Finance minister submits a proposal on January 26 to regulate the investment of cryptocurrency as well as ICO.

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