Russia Drafts Bill to Accredit ICO Issuers – Public Comments Wanted
The Russian government is in the process of drafting a bill to introduce the accreditation of initial issuers. Accredited bodies must comply with a set of rules, including having 100 million rubles capital, and are subject to inspections every three years. Regulators are currently accepting public comments on the proposal.
A digital token is defined in the proposal as "a record in a distributed information system created using cryptographic means (encryption) that certifies that the holder of the digital token is entitled to receive on the part of) the token of the initial value (nominal) token by presenting this token. "According to the proposal, Tass summarized:
The organization must adhere to a number of criteria: registration in the territory of the Russian Federation in accordance with the legislation on the registration of legal persons by l & # 39; State; a charter capital of at least 100 million rubles; a license to develop, produce and distribute cryptographic funds; and a special account with a bank, obtained as a result of the sale of digital tokens.
The Department of Communications will decide on accreditation or refusal of accreditation within 30 days of receiving the application. Accredited organizations will also be subject to inspections every three years (with the exception of unannounced inspections) in order to comply with the requirements of the provision.
Despite the stringent requirements imposed on potential ICO issuers, the Minister of Communications and Media, Nikolai Nikiforov, said last week that "it is very important in all projects of the digital economy not to over regulate what has just emerged, "according to Tass, RBC also quoted:
We decided that we needed to go to accreditation and get professional organizations to implement the first real projects. Otherwise, our country will become technologically backlogged.
What do you think of this proposal for accreditation of the ICO? Let us know in the comments section below.
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