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Russian Telecom Ministry suggests introducing accreditation for ICO organizers

February 11, 1:36 UTC+3 MOSCOW

The document developed by the Telecom Ministry approves the procedure for accreditation of companies offering an opportunity of digital tokens floating

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© Vyacheslav Prokofiev/TASS

MOSCOW, February 11. /TASS/. The Russian Telecom Ministry suggests introducing voluntary accreditation for companies arranging the Initial Coin Offerings (ICO) for the term of five years. Such proposal is contained in the draft decree of the government posted on the web portal of regulatory acts.

The document developed by the Telecom Ministry approves the procedure for accreditation of companies offering an opportunity of digital tokens floating. The digital token in the draft decree means "an entry in a distributed information system created with use of cryptographic (encoding) equipment, which certifies that a digital token owner has rights to receive an initial value of the token from a person that implemented the digital token offering by way of presenting this token using the distributed information system."

The Telecom Ministry plans to deal with accreditation of companies offering an opportunity of digital tokens offering. Such companies shall meet a range of criteria: registration in the territory of Russia according to laws on state registration of legal entities, the charter capital totaling 100 mln rubles ($1.7 mln), a license for development, production and distribution of encoding (cryptographic) aids and a special account with a bank intended for operations with money received as a result of digital tokens sales.

An accredited ICO organizer must approve binding rules for issuers of digital tokens, including the procedure of control for compliance with these rules by the organizer.

The Telecom Ministry will decide on accreditation or refusal to grant accreditation within thirty days after receipt of the application.

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