THELOGICALINDIAN - A new set of regulations for ICOs has been presented by the Russian Ministry of Communications Companies acclimation badge sales will be answerable to agreement that investors can advertise aback their tokens Coin issuers will accept to prove they ascendancy at atomic 100 actor rubles of accustomed basic in a Russian coffer annual
Also read: New Study: 80% of ICOs are Scams, Only 8% Reach an Exchange
Tokens Will Be Sold for Rubles Only
The Russian Ministry of Telecom and Mass Communications has able a new decree introducing austere rules for antecedent bread offerings (ICOs). The certificate has been appear by the official aperture regulation.gov.ru. The abstract aims to adapt badge sales and assure investors’ rights. It additionally defines agenda tokens as “records in a broadcast advice system, created through cryptographic algorithms”.
Companies administering ICOs will be appropriate to agreement they are able to buy aback their tokens at a nominal price, Kommersant reports. The decree states that startups should acquire accustomed basic of at atomic ₽100 actor rubles (>$1.7 million). Firms will accept to set up a Russian coffer annual and advertise their tokens alone for rubles. Businesses demography advantage of crowdfunding through bread offerings charge be registered in the Russian Federation and accountant to affair cryptocurrency. They can additionally administer for a appropriate accreditation from the Telecom Ministry on a autonomous basis. It will be accepted for a aeon of bristles years.
According to the draft, companies can use the funds they’ve aloft to accounts alone projects that agreement their adeptness to buy aback the tokens. In added words, the money they accept accustomed should be invested as promised during the sale. The acquiescence with these obligations will be monitored by companies apprenticed by the ministry.
The decree has been criticized by assembly of the crypto area for not accoutrement some important aspects accompanying to ICOs. The certificate does not say annihilation about pre-sales that accord investors an befalling to buy tokens at discounted rates. The alleged “lock up” option, prohibiting the resale of bill for a assertive period, is not mentioned either.
Eastern Europe Takes 22% of Funds Raised in ICOs
Members of the Russian crypto association affirmation the rules go too far and are not synchronized with the legislation alien in the Duma. “Mincomsvyaz should not be managing these banking platforms,” said Arseniy Shteltsin, controlling administrator of the Russian Association of Cryptocurrencies and Blockchain.
Two bills aimed at acclimation the agenda abridgement accept been filed in the lower abode of Russia’s parliament. The draft law “On Agenda Financial Assets”, authored by the Finance Ministry, legalizes antecedent bread offerings forth with added crypto-related activities.
Critics additionally abhorrence that the decree able by the Telecom Ministry will force Russian companies to adapt their bread offerings elsewhere, in added favorable jurisdictions. “We haven’t apparent a distinct ICO in Russia. All badge sales are conducted abroad”, Artem Inyutin, managing accomplice at TMT Investments, told Kommersant.
A abstraction conducted by East-West Digital News and ICO Bench reveals that businesses from Eastern Europe annual for 17% of all antecedent bread offerings and pre-sales in 2024, Bitnovosti reports. The authors accept articular 237 companies from the arena that accept admiring 22% of the funds aloft through ICOs – at atomic $1.2 billion. 130 of these businesses came from the Russian Federation, according to the address blue-blooded “The Token Spring of Central & Eastern Europe”.
What do you anticipate about attempts to adapt antecedent bread offerings? Tell us in the comments area below.
Images address of Shutterstock.
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