A new set of regulations for ICOs has been presented by the Russian Ministry of Communications. Companies organizing token sales will be obliged to guarantee that investors can sell back their tokens. Coin issuers will have to prove they control at least 100 million rubles of authorized capital in a Russian bank account.
Tokens Will Be Sold for Rubles Only
The Russian Ministry of Telecom and Mass Communications has prepared a new decree introducing strict rules for initial coin offerings (ICOs). The document has been published by the official portal regulation.gov.ru. The draft aims to regulate token sales and protect investors’ rights. It also defines digital tokens as “records in a distributed information system, created through cryptographic algorithms”.