The Russian government has said , without notice, they intend to restrict Crypto exchanges and websites that focus on giving information on these assets.This reversal of Russia's stance on Cryptos is surprising. It was less than a month ago that Russia announced they were looking at launching their own OIL back Digital Currency.
Meanwhile, the Republic of San Marino, have drawn up formal guidance on how they wish to regulate Digital Assets and have categorised tokens as either utility or investment tokens. Companies that want to issue tokens will need to publish a white paper as well as an executive summary in a non-technical language ensuring any advertising and information about the token is accurate and not misleading.
San Marino recognises that Initial Coin Offerings can help SMEs raise capital, and have proposed certain restrictions. For Non-Public offers they may only have a maximum of 150 investors, raise up to €8 million (same as existing European Crowdfunding regs) and the minimum investment per person is €100,000. Such a high minimum investment will restrict such offerings to only the very wealthy.
