Central Bank of Russia Released ICO Bill

According to regulator's bill, ICO-projects can attract no more than 200 million rubles within a calendar year
26 January 2018   460

Regulator proposes to equate the crypto-currencies to the property, and the mining - to entrepreneurial activity.

Unlike the ministry, the Central Bank plans to prohibit the purchase of tokens, if they are not used by companies to attract financing.

The execution of civil law transactions with purchased tokens, with the exception of transactions aimed at exercising the rights provided by the tokens in accordance with the public offer for the release of tokens, including transactions for the sale of the tokens issued to the issuer, is not allowed.

Central Bank ICO Bill

In addition, the Central Bank proposes to introduce an expanded list of information that the organizers of the ICO should provide to investors.

It also includes reports of facts that may affect the investor's profit, the price of the token or the procedure for determining it, and information about the prohibition of transactions with purchased tokens.

These are the keynotes of the bill:

  • Investments of retail investors in one ICO project during the calendar year are limited to 50,000 rubles.
  • The total amount of investments from one retail investor to different ICO-projects can not exceed 500 000 rubles.
  • ICO-projects can attract no more than 200 million rubles within a calendar year.
  • ICO should be conducted on specialized platforms registered as a legal entity with a capital of at least 5 million rubles.

Foreign legal entities, legal entities deprived of licenses for violations, and individuals cannot own 10% or more of shares of investment platform.

The bill also states that the sites are required to provide information on contracts with platform participants at the request of the court and law enforcement agencies.

The organizer of ICO can indicate the minimum and maximum amount of funds raised. If the minimum amount is not reached - the funds will be returned to investors, if the maximum is reached - the attraction should stop.

The regulator also plans to deal with keeping a register of operators of investment platforms, monitoring the implementation of laws and site inspections.

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Microsoft to Ban Crypto Ads in Bing Search Engine

Advertisements related to virtual currencies or promotion of fake/forged virtual currencies are now prohibited
17 May 2018   135

Bing is a very famous web search engine owned and operated by Microsoft. A couple of days ago Bing reported in its Blog that online fraud involving financial services became a serious problem recently. Bing published a list of policies to help ad providers meet approval and protect consumers and businesses from being victimized. The polices apply to all forms of currency including real and virtual currency.

Advertising for the following products and services is not permitted: Ponzi schemes, pyramid schemes, or other legally questionable business opportunities, particularly if returns on investment rely solely on adding participants to the scheme or the consumer must pay a subscription fee or buy a specific product to join, and the value proposition of doing so is undefined.

Bing Blog post

Bing now bans ads related to solicitation of funds except by recognized charities or organizations. Advertisements related to virtual currencies designed to facilitate illegal purposes, to avoid applicable taxes, money laundering, promotion of fake/forged virtual currencies are also prohibited. The full ban of such ads is expected in late June or early July.

Previously, we have reported that Facebook created a new policy that prohibits all advertisements for cryptocurrency and ICOs as part of an effort to improve the integrity and security of ads.