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Russian Finance Ministry Proposes Draft Law on ICO Regulation
Russia's Finance Ministry has introduced a draft federal law on the regulation of digital assets and initial coin offerings.
By Wolfie Zhao
Updated Sep 13, 2021, 7:29 a.m. Published Jan 26, 2018, 3:00 p.m.
Russia's Finance Ministry has introduced a draft federal law on the regulation of digital assets and initial coin offerings.
The new proposal, published by the ministry on Jan. 25, outlines both requirements for projects that launch ICOs, as well as for investors who wish to participate in the token sales. Since it has been introduced by a government body, the draft must yet pass legislative bodies such as the Russian State Duma and Federation Council before becoming law.
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According to the draft, while there would be no investment limit for investors who are licensed professionals in accordance with Russia's securities law, a 50,000 ruble (around $900) cap would be imposed for investors without qualification for each token issuance.
In addition, the proposed law states that ICO organizers in Russia must disclose various information in order to fully comply with the regulation, including the full name of the token issuer, the project's website and network provider, as well as permanent operating bodies of the organizer.
However, promotional activities prior to the token sale may be prohibited according to the proposed law, which states:
"Prior to the publication of an offer for the release of tokens, the tokens that are issued may not be offered to potential purchasers in any form or by any means using advertising."
The new draft marks the latest movement in Russia towards the regulation of token sale activities. According to another explanation of the draft law, it has been based on instruction from Russia's President Putin issued on Oct. 21 last year.
The draft also follows up with a lawmaker's comment, made last December, in which he said that the country has been discussing plans to introduce new laws in regulating the field.
Moscow landscape image via Shutterstock
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