The Russian Ministry of Finance proposes a bill regarding ICO

The new proposal, published by the ministry on January 25, sets out both the requirements for projects that launch the ICO and investors who want to participate in the sale of the token. Since it was introduced by a government body, the project still has to go through legislative bodies, such as the Russian State Duma and the Federation Council, before it becomes law.

According to the project, while there would be no investment limit for investors who are licensed professionals under Russian securities law, they would impose 50,000 rubles on every token turned to inexperienced investors.

In addition, the draft law stipulates that ICO organizers in Russia must disclose various information in order to fully comply with the regulations, including the full name of the token publisher, the project website and the network operator, as well as the permanent operational bodies of the organizer. .

However, promotional activities preceding the sale of tokens may be prohibited in accordance with the proposed act, which provides:

Prior to the publication of the offer for the issuance of tokens, issued tokens may not be offered to potential buyers in any form or in any way using advertisements.

The new project means Russia's move towards regulation of activities related to the sale of chips. According to another explanation of the bill, it was based on instructions from President Putin issued on October 21, 2017.

The project also refers to the legislator's comment, issued in December last year, in which he said that the country is discussing plans to introduce new regulations in the field of regulation.