Kevin Helms: Russia Drafts Bill to Accredit ICO Issuers – Public Comments Wanted

virtual-currency token russian russia rubles regulation registration n-featured ministry minister mass-media issuer initial-coin-offering ico funds digital-currency cryptocurrency cryptocurrencies communications bitcoin application accredited accreditation

Russia Drafts Bill to Accredit ICO Issuers - Seeks Public Comments

The Russian government is drafting a bill to introduce the accreditation of initial coin offering issuers. Accredited organizations must comply with a set of rules, including having 100 million rubles capital, and are subject to inspections every three years. The regulators are currently accepting public comments on the proposal.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Accrediting ICO Issuers

Russia Drafts Bill to Accredit ICO Issuers - Seeks Public CommentsThe Russian Ministry of Communications and Mass Media has submitted a proposal to accredit the issuers of initial coin offerings (ICOs) “on a voluntary basis for a period of five years,” the document reads.

This proposal details the procedure for accrediting organizations that issue digital tokens. It has been published on the Russian government’s portal of normative legal acts and the regulators are currently seeking public comments on the plan.

A digital token is defined in the proposal as “a record in a distributed information system created using cryptographic (encryption) means that certifies that the holder of the digital token has the right to receive from the person who posted the initial (initial) digital token of the initial (nominal) value token by presenting this token.” Under the proposal, Tass summarized:

The organization must comply with a number of criteria: registration in the territory of the Russian Federation in accordance with the legislation on state registration of legal entities; 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.

Mandatory Rules

Russia Drafts Bill to Accredit ICO Issuers - Seeks Public CommentsThe accredited ICO issuers are required to adopt a number of mandatory rules. Firstly, they must “redeem digital tokens at a nominal price from any bearer of a digital token on the basis of an irrevocable public offer,” the news outlet described. Secondly, they are obligated to “issue digital tokens for Russian rubles through a cashless settlement.” In addition, they have a “duty to use funds received from purchasers of digital tokens, only for purposes related to maintaining the ability to fulfill the obligation to redeem digital tokens at a nominal price.”

The publication further noted:

The Ministry of Communications will decide on accreditation or refusal of accreditation within 30 days after receiving the application. Accredited organizations will also be subject to inspections every three years (with the exception of unscheduled inspections) for compliance with the requirements of the provision.

Despite the strict requirements for would-be ICO issuers, the Minister of Communications and Mass Media, Nikolai Nikiforov, commented last week that “it is very important in all projects of the digital economy not to over-regulate what is just emerging,” according to Tass. RBC also quoted him describing:

We decided that we should go the way of accreditation and get some professional organizations to implement the first real projects. Otherwise, our country will become technologically backward.

What do you think of this ICO accreditation proposal? Let us know in the comments section below.

Images courtesy of Shutterstock.

Need to calculate your bitcoin holdings? Check our tools section.

The post Russia Drafts Bill to Accredit ICO Issuers – Public Comments Wanted appeared first on Bitcoin News.

Original article was created by: Kevin Helms at news.bitcoin.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Related Articles

pubDate Newsline
2 hours ago Mike’s weekly message to QUOINE community
3 hours ago A world where cryptoassets are securities
6 hours ago Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund
10 hours ago Three Hackers Held in China Over $87 million Crypto Theft
6 hours ago Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund
10 hours ago Three Hackers Held in China Over $87 million Crypto Theft
6 hours ago Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund
20 hours ago Prolific Bitcoin Dealer ‘Blew a Giant Hole’ Through US Legal Framework
6 hours ago Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund
20 hours ago Prolific Bitcoin Dealer ‘Blew a Giant Hole’ Through US Legal Framework
10 hours ago Three Hackers Held in China Over $87 million Crypto Theft
23 hours ago The Weekly: McAfee’s Doomed Wallet, Altcoin Panic, Binance Launches Fiat-to-Crypto
20 hours ago Prolific Bitcoin Dealer ‘Blew a Giant Hole’ Through US Legal Framework
2 days ago US Judge Orders Alleged Hacker to Pay Bail in Cryptocurrency
1 day ago |Программа лояльности SOT: текущий статус
2 days ago Developing an ICO Project in Russia Can Cost as Little as $1,500
1 day ago Korean Government: 11 out of 21 Crypto Exchanges Complete Security Measures
1 month ago Korean Government Launches Investigation into Crypto Hacks
2 days ago Developing an ICO Project in Russia Can Cost as Little as $1,500
2 days ago Investment Report: Gamedex
2 days ago Developing an ICO Project in Russia Can Cost as Little as $1,500
3 days ago Huobi Launches Partner Exchanges in Russia, Philippines, Taiwan, Indonesia, Canada
2 days ago UPDATE: Tier 3 Investors + LATOKEN Receptions in Asia + 30% Off on New ICOs
3 days ago Cointelegraph Japan: TEC — A New Way of Fundraising for Cryptocurrency Startups (Exclusive Chat…
4 days ago Only Seven Crypto Firms Authorized to Legally Operate in Thailand
4 days ago SEC Fines and Permanently Bars Founder of Fraudulent Oil Exploration Token
1 week ago Study: Crypto Funds Number 466 Despite Trends, Uncertainty
1 week ago Need Cold Storage? Check Out Bitcoin.com’s Revamped Paper Wallet Generator
1 week ago Japan Unveils Results of On-Site Inspections of 23 Crypto Exchanges
2 months ago Thailand Unveils Details of Crypto Regulations, Legalizing 7 Cryptocurrencies
1 month ago Japanese Minister Denies Ties to Unregistered Crypto Exchange Under Investigation
1 month ago Regulatory Round-Up: U.K. Chief Blockchain Officer, DLT Cohort in FCA Sandbox, Central Bank Calls Crypto ”Fallacy”
1 month ago Particl Genesis Anniversary
1 month ago CBOE Files Application for Bitcoin-Based ETF with SEC
1 month ago Philippines Government Approves Two New Crypto Exchanges
2 months ago Singapore Warns Eight Unauthorized Token Exchanges
4 months ago Bitfinex Rejects All Present and Future Venezuelan Cryptocurrencies
4 months ago Rubles Can Buy You Petro Maduro Says While Denominating Venezuela’s Currency
6 months ago Antminer S5 Disrupts T-Mobile Broadband Network

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
August 20, 2018

Japan Roundup: Public Companies Unveil New Mining Plan, Exchange, Token Fund

Three Japanese public companies have individually made announcements regarding their cryptocurrency operations. Forside has grown its mining operation with a plan to sell 7nm bitcoin mining rigs. Farsteps is planning a Singapore exchange launch. Meanwhile, Line Corp, the operator of...

From: Kevin Helms

Second Hand Rigs Are Dumped as the Solo Mining Dream Dies

In the summer of 2017, rising cryptocurrency prices led to a run on high performance graphics cards. Coveted cards with a high hashrate were snapped up like proverbial hot cakes, leaving gamers, scientific researchers, and anyone else who relied on flagship GPUs priced out as the cryptocurrency...

From: Kai Sedgwick
August 19, 2018

Three Hackers Held in China Over $87 million Crypto Theft

Three suspects have been detained by Chinese police in connection with an alleged cryptocurrency theft. The supposed hackers stole bitcoin and other digital assets worth an estimated $87 million USD. Authorities say this is the biggest heist of this type in the People’s Republic so far. Also...

From: Lubomir Tassev

SHA-256 Mining Hashrate Climbs Significantly in One Year

Over the last year, SHA-256 mining, the process that’s used to find blocks on both the Bitcoin Cash (BCH) and Bitcoin Core (BTC) networks, alongside a slew of other cryptocurrencies, has grown exponentially. Digital asset trading markets have been in a slump over the last eight months of 2018,...

From: Jamie Redman

India Bitconnect Head Arrested

Alleged India Bitconnect head, Divyesh Darji, was arrested this week at a airport in Delhi as he arrived from Dubai. He and conspirators are accused of bilking millions of dollars (Rs 88,000 crore) from Indian investors seeking to find financial refuge during the government’s demonetization...

From: C. Edward Kelso

44% of American Executives Think “Blockchain Is Overhyped”, Deloitte Survey Finds

New indicators point to corporate executives starting to wisen up to the notion that so-called blockchain technology is some kind of cure-all drug for their industries that they can just extract from Bitcoin and drop the cryptocurrency behind. The latest example of this is a recent survey by...

From: Avi Mizrahi
Upcoming ICO's
This week overview
Token Name Starts
RoBust Defense Token (RBDT) logo RoBust Defense Token (RBDT) Today
Rubius (RUBY) logo Rubius (RUBY) 1 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6468.49412791 -0.16%
Ethereum logo ETH $293.313827029 -2.02%
Ripple logo XRP $0.3380953433 -1.22%
Bitcoin Cash logo BCH $549.233714833 -1.88%
EOS logo EOS $5.1190619127 -1.76%
Stellar logo XLM $0.2281080622 -0.39%
Litecoin logo LTC $55.8145420782 -2.29%
Tether logo USDT $1.0027838193 0.03%
Cardano logo ADA $0.0996025332 -1.22%
Monero logo XMR $98.0806894828 -0.12%
Tronix logo TRX $0.0219889661 -0.85%
IOTA logo IOT $0.5181363936 -1.44%