Briefing

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Russia's Ministry of Telecom and Mass Communications (MinComSvyaz) published proposed guidelines for Initial Coin Offerings (ICOs)

May 9, 2018

Briefing:
  • Proposed ICO Rules – Russia's Ministry of Telecom and Mass Communications (MinComSvyaz) proposed guidelines for Initial Coin Offerings (ICOs) in country
  • Accreditation – ICO organization will be accredited for five years and must be registered in Russia
  • Minimum Required Capital – Must have at least 100 million rubles (US$1.7 million) of authorized capital in Russian bank account, while issuing of digital tokens should be in rubles currency only
  • Investment Limits – Draft law published January 25, 2018 sets no investment limit for investors that are licensed professionals, otherwise a 50,000 ruble ($900) cap will be imposed on investors without qualification
  • Transparency – ICO organizers must disclose information, such as full name of token issuer, project’s website and network provider
  • No Advertising – Prohibits promotional activities, such as advertising, before token sale
Sector: Financial Services
Organization: Ministry of Telecom and Communications of the Russian Federation (MinComSvyaz)

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