The Ministry of communications of the Russian Federation presented a procedure for the accreditation of organizers of the ICO

The Ministry of communications of the Russian Federation has developed a document, approving the order of accreditation of companies-organizers of the ICO, which said earlier the head of the Ministry Nikolai Nikiforov. We are talking about the organizers of the ICO, raise funds through the issuance of digital tokens for a period of five years on a voluntary basis.

Digital token called «created using the cryptographic (cryptographic) means the entry in a distributed information system, which certifies the presence of digital token rights to receive from the person to the location of the digital token, the initial value of the token by the presentation of the token by using a distributed information system».

The Ministry of communications intends to engage in the accreditation of the organizations that provide the possibility of issuing digital tokens. However, the organization must meet certain criteria: registration on the territory of the Russian Federation according to the legislation on the state registration of legal entities, the authorized capital of at least 100 million rubles, a license to develop, manufacture, and distribution of encryption (cryptographic) tools and special Bank account, which is designed for operations with funds obtained through the sale of digital tokens.

«The accredited organizer of the ICO must be approved by the mandatory rules for issuers of digital tokens, particularly: the obligation of the Issuer to redeem digital tokens at a nominal price from any bearer of a digital token on the basis of irrevocable public offer; the obligation to issue digital tokens for Russian rubles via Bank transfer; the obligation to use the funds received from those who purchase digital tokens,only for the purposes connected with maintaining opportunities for the execution of the obligation to purchase digital tokens at a nominal price. Also, the rules must contain a procedure of control by the organizer in relation to the implementation of these rules», – stated in the Ministry document.

The Agency will make the decision on accreditation or denial of accreditation within 30 days after receiving the application. Three times a year (except for unscheduled inspections) accredited organizations also will be subject to inspections for compliance with the regulations.

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