It’s about to get a lot harder to issue an ICO in Russia.
According to reports, Russia will soon be obliging new ICOs to guarantee that investors will have the option to sell back tokens should they wish, and that the company behind the issuance has 100 million rubles – around £1.25m – of capital in a Russian bank account.
Bitcoin.com is saying that the new rules, part of the Russian authorities’ drive to protect investors in schemes that use what it describes as “records in a distributed information system, created through cryptographic algorithms”, were apparently published via the official regulation.gov.ru portal.
Additionally, the report states, such tokens will only be able to be sold in Rubles. Also, the company issuing them must be registered in Russia and licensed to issue cryptocurrency.
Compliance with these new regulations would be be monitored by companies contracted by the ministry.