The Ministry of communications and mass communications (mincomsvyaz) of the Russian Federation has developed a document approving the order of accreditation of the organizations conducting the ICO.
The document proposes to introduce accreditation for companies that will organize ICO for a period of five years. Interesting is the fact that to be accredited on a voluntary basis.
The document reveals the concept of a digital token “”created using cryptographic (encryption) means of recording in a distributed information system, which certifies the existence of the owner of a digital token rights to receive from the person who carried out the placement of the digital token, the initial value of the token by presenting this token using a distributed information system.”
The Ministry of communications is the Department which will conduct the accreditation. To successfully receive accreditation, an organization must meet the following criteria:
- registration in the territory of the Russian Federation according to the legislation on state registration of legal entities;
- the minimum authorized capital is 100 million rubles;
- license for development, production and distribution of encryption (cryptographic) tools;
- a special Bank account, which is intended for transactions with funds received as a result of the sale of digital tokens.
The accredited organiser of the ICO will start approving binding rules for issuers of digital tokens. Among them:
- Issuer’s obligation to redeem digital tokens at a nominal price from any bearer of a digital token on the basis of an irrevocable public offer;
- the obligation to issue digital tokens for Russian rubles via Bank transfer;
- the obligation to use the funds received from the purchasers of digital tokens only for the purposes related to maintaining the ability to fulfill the obligation to redeem digital tokens at a nominal price.
The rules require you to contain the manner of control by the organizer in relation to the implementation of these rules.
The decision on accreditation or refusal of the Ministry will have to take within thirty days from the date of application. Also the period of check of the accredited organizations is established. For compliance with the requirements set verification once in three years, but provides for unscheduled inspections.