Experts have criticized the requirements of the Ministry of communications to issue digital tokens

Commenting was developed by the RF Ministry of communications document on the regulation of issuing digital tokens, the experts expressed concern that «some of its language will not allow to conduct business».

Digital token in the document nazywana the entry in the distributed information system created using cryptographic algorithms. The owner of this record has the right to receive from the organizer the primary issue digital token to its initial value.

Accreditation the organizers of the ICO is invited to make voluntary. The Federal government, which intends to carry it out, involves the issuance of a license for five years.

«Working conditions for such organizations are registered in Russia, the authorized capital not less than 100 million rubles, and the license to develop, manufacture, and distribution of cryptographic tools. The organizers of issue of tokens also need to have a Bank account in a Russian Bank for operations with money obtained through ICO. Issue digital tokens can be done only in Russian rubles via Bank transfer. The organizer of the ICO will be required to redeem the tokens at a nominal price from any bearer on the basis of irrevocable public offer», – stated in the draft government resolution on the accreditation of organizations that provide the possibility of issuing digital tokens.

The draft also stipulates «the duty of the person issuing digital tokens, to use cash received from purchasers of digital tokens, only for the purposes connected with maintaining opportunities for the execution of the obligation to purchase digital tokens at a nominal price».

«The draft does not mention of the sale of digital tokens, the procedure lock up (investor obligations to refrain from the sale of tokens for a certain period of time) and pre-ICO, which sells conditional tokens that are willing to take the risk investors are actually buying at a discount», – said the managing partner of the venture Fund TMT Investments Artyom Inyutin.

«It’s hard to comment on this project in any of its variations because it is divorced from reality,» – said the Director of the Russian Association of cryptocurrency and the blockchain RAKIB Arseny Weltzin.

«According to the document, it turns out that the money must be collected in order to be able to give them, and not to direct them on internal business processes and investments – notes Inyutin. – Probably, this item was developed with an eye on the practice of the Commission on securities and exchange Commission (SEC), which may require funds from violators of the rights of investors. But the amount of accommodation during the ICO clear».

«We use ambiguous language that can cause conflicts, it is not synchronized with existing laws – emphasizes Weltzin. –The Ministry of communications in principle should not govern the management processes in these financial platforms.»

«The document includes the Jesuit statement on voluntary accreditation of organizers ICO – emphasizes Inyutin. –How to formulate our bodies will be interpreted in such a way that the business impossible to conduct. They will not interfere with the business. Documents are often ambiguous, it may interfere with the process ICO», – he said.

Inyutin said that while in the legal field of Russia has not conducted any ICO all transactions are carried out with the startups that are registered abroad.

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