One of Russia's government ministries has proposed a law that, if approved, would introduce a capital requirement for initial coin offering (ICO) organizers.

The proposal, which was released by Russia's Ministry of Communications and Mass Media last week, seeks to enforce a series of requirements before any ICO activity can be officially accredited within the country.

One major element of the proposal is that ICO organizers must have at least 100 million rubles (or $1.73 million) worth of authorized capital and must be registered as a legal entity within the Russian territory, with bank accounts from licensed financial institutions. The proposal has been published as part of a public comment period which stretches from Feb. 9 to Feb. 23.

The resolution, if enacted, will also give the Ministry of Communications and Mass Media the right to accredit ICOs within 30 days after a project submits an application.

In addition, through the proposed regulation, the ministry wants to mandate inspections every three years in order to examine whether accredited projects are still in compliance with the requirements.

The new draft marks the latest step in the development of regulations around cryptocurrency and initial coin offerings in particular within Russia. It comes a month the Russian Finance Ministry submitted a proposal on Jan. 26 to regulate cryptocurrency investment as well as ICOs.

The Finance Ministry said at the time that these regulatory efforts are within the context of orders issued by Russian president Vladimir Putin last year.

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