Russian Ministry of Communications specifies proposed demands for ICO token issuers

Russian Minister of Communications Nikolay Nikiforov recently told that initial coin offerings have to be pre-approved on certain terms, but as Bitnewstoday noted back then, he didn’t voice anything specific. However, now the public knows what he meant, as the Ministry of Communications proposed that ICOs could be hold only by the companies which:

• Are registered in the Russian Federation as legal entities
• Possess registered capital of 100 million Russian rubles or a greater sum
• Possess a state licence to produce cryptographically enhanced software
• Possess a credible bank account dedicated for token revenue
• Possess a list of rules for digital token issuer, these rules among other things dictate to work on the basis of irrevocable public offer and not to waste revenue on anything the issuer wants

The monitoring by the Ministry of Communications will be conducted three times a year, excluding any urgent actions ordered by the government. The Ministry will check if the projects act accordingly to the aforementioned rules and order any violator to fix any problems should they appear and will even have powers to suspend operations of such projects.