Russia’s Ministry of Telecom and Mass Communications (MinComSvyaz) has prepared guidelines for Initial Coin Offerings (ICOs), Kommersant reported.
The document (in Russian) is currently in the public discussion stage.
Among other things, MinComSvyaz suggests that organizers issuing digital tokens be accredited for a period of 5 years, while the accreditation is proposed to be voluntary and controlled by MinComSvyaz.
The ICO organization should be registered in the Russian Federation, the registered capital must be at least 100 million rubles ($1.7 million).
Furthermore, the organization should be licensed by the government to develop, produce and distribute cryptographic commodities.
The Ministry further notes that the organization must have a Russian bank account for transmitting money raised from ICO and adds that issuing of digital tokens must be carried out in rubles only (cashless settlement).