Many of IUSAUTHOR's law office clients often ask us what a blockchain project should look like "in general terms", how would we present it in a nutshell as a concept, technologically, financially and legally? We hope this visualization of basic principles in the blockchain ecosystem, valid for any startup project, provide clarity on the depth of the problem and the fact that the "this I know" approach would not work if we applied the presumed specifics and details to everything shown in the graphic.

 Blockchain software patents. Blockchain attorney in Bulgaria.

Introduction. The liberalisation of the banking sector to crypto currencies and, above all, the blockchain technology behind them, shows that the financial market slowly breaks the shell of misunderstanding into the new online legal mechanisms that lead to software verifying each link in a legal deal. In my opinion, the crypto currencies themselves (as a speculative tool) in the near future are doomed to a total collapse of a single dollar denomination for a specific crypto (for example, "bitcoin"), but blockchain technology as an innovative business model and legal tool for doing business online, will soon develop technologically and enter various spheres of public life - finance, law, health, education, creative industries, public sector. A proof of this statement is that at present, perhaps the largest bank in the world - the US Bank of America - has a total of 50 patents in the field of blockchain technology serving the banking and financial sector. Оn the second position by applications for this kind of patents in US it is the giant in the computer industry IBM, which logically declare interest in this industry, as it has been for years the main hardware supplier (of various types of computer equipment) for thousands of banks around the world. 

Crypto wallets, how to acquire them, set them up and what is the use of them?

1. Introduction.

Unlike your bank notes, debit and credit cards, cryptocurrencies cannot be easily stored in your physical wallet in your back pocket. In this line of thought, I would like to draw your attention to the fact that the way to store your electronic assets is the so-called " crypto wallets ", which are structured using blockchain technology.

A crypto wallet is a software program or physical medium (flash drive, hard drive, etc.) for securely storing the public and private keys you need to make cryptocurrency transactions. Crypto wallets also allow you to send and receive selected cryptocurrencies - from Bitcoin to Ethereum and more. Therefore, it can be said that crypto wallets are the gateway to making a solid footprint on the Web3 [1] and in the crypto investment world. This is your identity on the blockchain and this is how you store your cryptocurrencies, with the blockchain industry working towards every legal entity having a self-storage crypto wallet in the near future, not just the entities that are deep and hard immersed in blockchain technology.

That's why with this article I aim to ensure that you (1) better understand what a crypto wallet is, (2) how to create and set one up, and (3) why having one is critical when investing in cryptocurrencies.

Decentralized finance(DeFi) in the blockchain ecosystem.

1.Introduction.

Contemporary decentralized finance ("Decentralized finance" or "DeFi" for short) poses a technological and legal challenge to let's call it - traditional financial system all over the world, by depriving familiar intermediaries(banks and other financial institutions) of their power to mediate most transactions between citizens and business partners, thus allowing users to retain real control over their money and create tools for a new kind of revenue. This presentation aims to provide clarity on the regulations of the financial crypto market, in order to clarify the fact that the technology behind the DeFi model promises a dynamic, disintermediating revolution in finance, all of which is leading to new realities in the traditional financial sector, which is aware of what is happening and is trying in every way to slow down the process described.  The paper will also discuss the important legal implications of the DeFi model for existing financial regulations as well as the challenges faced by regulators on the subject in the EU and the US. 

1.1.What is the DeFi financial technology model?

Decentralised finance is delivered through online platforms that allow users to carry out different types of financial transactions, with the aim of improving the accessibility, speed, security and efficiency of financial services without an intermediary. The DeFi concept uses blockchain technology as well as different types of cryptocurrencies (mainly so-called "stable coins" usually based under Ethereum[1]) because of the concept of "smart contracts" implemented in the code to manage financial transactions such as lending, borrowing and trading outside the control of traditional financial institutions such as banks, brokerage firms and centralized exchanges. Users therefore interact with open software protocols through so-called "unhosted" wallets. Unhosted wallets are digital, physical wallets (usually looking like a flash drive or external hard drive) that are managed by the users themselves, rather than by a service provider that offers "hosted" - web-based crypto wallets.

France’s AMF issues warning against BITGET for unauthorized digital asset services.

The French Financial Markets Authority, the Autorité des Marchés Financiers (AMF), warned against BITGET, citing unauthorized digital asset services. The AMF regularly updates its black lists of new websites and entities “proposing typical investments to investors in France without being authorized.” 

According to the regulator, blockchain exchange Bitget has been offering investment products without being authorized to provide such crypto services. To protect investors from potentially fraudulent investments, AMF and the French Prudential Supervision and Resolution Authority (ACPR) added Bitget to the updated list of unauthorized investment providers to be blacklisted.

The monetary and financial code in France requires mandatory registration as a digital asset service provider (PSAN) for specific activities related to digital assets, such as custody services, buying or selling digital crypto assets, and operating digital asset trading platforms. This registration ensures compliance with regulations aimed at preventing money laundering and terrorism financing, as well as ensuring the integrity and competency of management and shareholders, thereby protecting the interests of investors.

How to create and promote an ICO? ICOattorney in Bulgaria.

This outline points out the main points that should be strictly followed when marketing a new, start-up company in the field of blockchain technology and token public offering(ICO). My many years of experience as a legal consultant in the blockchain industry have led me to the below commented main conclusions for proper structuring of ICO projects. Consider every detail carefully, consult every stage, select a top team of professionals for the technical, financial, legal and marketing parts to successfully go through these particularly important steps of properly forming and promoting your ICO:

1.Formulate your product.

A huge problem with the ICO industry today is that most projects don't actually build a real business strategy based on blockchain technology. In my practice, I've come across many marketing gimmicks, landing pages, speculative "sales funnels", and so-called "UI/UX" mockups with no backend technology built in. You can get away with launching an MVP or beta version of a blockchain project and then doing the token sale, but I think it's reasonable to say that most startups will need to raise equity investment to launch their blockchain business. It takes funding to make money and your ICO is no exception. You need a product and your product needs to use your token as a financial instrument. Blockchain technology has the potential to change the world, but it requires serious professionals building real technology.

How to create your own crypto exchange in Bulgaria?

The creation of a financial project related to the trading of crypto-currencies in Bulgaria is a process that hides several detailed questions, having for its object specific legal, financial and technological aspects. Crypto exchanges are digital market, financial platforms that allow users to buy and sell cryptocurrencies. Cryptocurrency exchanges may also support trading in other digital assets, such as non-fungible tokens (NFTs). Cryptocurrency exchanges function similarly to traditional exchanges with two important exceptions: there is no physical presence in trading, i.e. crypto exchanges are strictly digital markets. Cryptocurrency exchanges are similar to digital money markets, except that the majority of supported currencies are cryptocurrencies. Crypto exchanges also support a number of fiat (issued by governments) currencies, and trade in so-called stable coins (from the English "stable coins"), which are one-to-one with a specific fiat currency (for example, the crypto currencies USDT and USDC are one-to-one one with dollars).

In order to start the implementation of such a project, the legal and regulatory framework, the necessary licensing regimes and the means of collaboration with the legal entities that would trade cryptocurrencies, including their creators, should be analyzed in detail. As I already mentioned, crypto exchanges are blockchain platforms through which cryptocurrencies are traded, and they are also a technological tool that provides liquidity in the market, but also legal and software security, in order to guarantee the transfer of funds and unification in a common instrument of demand and the supply of blockchain financial assets. There are different types of crypto exchanges – crypto brokers, centralized exchanges and decentralized exchanges depending on the technological, financial, regulatory and legal approach of each such project.

ICO technical issues.

1. In order to launch your ICO on a technological level, you need to choose and configure three basic things:

- The blockchain under which your project will operate;

- A smart contract that will operate;

- A wallet, into which the funds will flow;

The blockchain is the "ledger" where all your transaction data is stored. It is the root of the tree on which your ICO will grow. Choose any of the existing blockchains - Ethereum, Binance(I wholeheartedly recommend them - you'll see why below), Tron, etc.

Smart Contract is the software standard that your token will operate under. There are predefined software standards for all blockchains - ERC for Ethereum, BEP for Binance and TRC for Tron.

Internet law in Bulgaria. Internet attorney. Software protection. 

"IUSAUTHOR" is one of the few legal offices in Bulgaria, which since its inception have focus on the legal processes developing in the online environment or so called "Internet Law". "IUSAUTHOR" working hard on building effective models for prevention of copyright on the Internet, consult many creative industries, electronic media, NGOs, online libraries, private individuals and businesses, the proper protection of their copyrights and construction of adequate business strategies to optimize in detail their intellectual property on the Internet. Chairman of "IUSAUTHOR" is imposed and one of the experts in the field of copyright in Bulgaria in the person of Mr. Atanas Kostov, who has extensive experience as an attorney on the internet rights, who synthesized his experience as an lawyer in this field in his book "Intellectual Property on the Internet ". 

In the field of Internet law "IUSAUTHOR" work closely specialized on the registration of trademarks as domain names, respectively arbitration of disputes between trademark and domain with the extension ".bg" in the national arbitration to Register.BG and equivalent international arbitration for other extensions(".com", ".net", ".co.uk" etc.), based at the WIPO (International Organization for Intellectual Property)Geneva, Switzerland. Legal defense to those two types of arbitrations any serious is a specific legal action concerning the knowledge of intellectual property in an atypical area, which is built on those adopted by the Internet Corporation for Assigned Names and Numbers (ICANN) "Uniform rules for resolving disputes concerning domain "(UDRP). Registration of domain names as trademarks is a key point in the defense business models, developing online as it requires not only legal view of national and international practice in this area, but presupposes and reporting of relevant marketing and consumer attitudes, which lead to proper counseling of a client on the construction of a brand, individualizing a business or other enterprise in the Internet environment. Through its work with numerous representatives of online industries, the team of "IUSAUTHOR" has established good practices in adequate consultation of this type of customers.

In light of the above should be noted that "IUSAUTHOR" as a firm engaged in internet law, working in close coordination with national and international judicial and administrative institutions whose focus is on resolving problems relating to crime and unfair practices, developing It is the Internet. This action concerns the firm resolve legal issues related to cybercrime, counterfeiting, phishing, hacker attacks, internet piracy, theft of personal data and content from websites, created mirrored platforms in order to unfairly attract users, professional general conditions, imitation, violation of human rights in the Internet, e-commerce etc.

"IUSAUTHOR" is the principal legal adviser to the territory of Bulgaria on cases concerning so-called "free software" running on "Linux" and "GPL licenses to "Free Software Fondation", Europe.

Legal Aspects of Blockchain Domains in Web3 .

1. Introduction .

I wanted to write this article because, although I commented on the topic for the first time, perhaps somewhere around 2010, and at the present moment, I do not see that a law has appeared in Bulgarian law to resolve disputes between trademarks and domains. Illegal arbitration in "Registr.bg" EOOD continues to exist, and the Supreme Court of Justice has ruled on this topic many times, and the case law created on the topic by the Supreme Court of Cassation is of the opinion that this arbitration is not such and its decisions have no legal force strength.

Despite the mentioned legal absurdities, nothing has changed in Bulgaria, but the world moved to a new speed in the so-called "Web3" [1] and numerous projects in the public sphere, finance, law, services and entertainment are being developed through blockchain technologies.

Given the lack of any internal regulatory framework and the Supreme Court's opinion in a strange case to say the least, that "domains are not objects of commercial activity, and therefore do not constitute a violation of a trademark" [2] (interestingly, what are Yahoo, Gmail, Facebook , Instagram), I will once again have to discuss what is happening "over there" and give recommendations for the development of Bulgarian law, which I hope someday, someone will first read and then consider, given the fact that trademarks are very they are often about something happening online in the 21st century. "Something" that is the subject of law all over the world, but not in Bulgaria - domains.

MAS introduces new crypto regulations, including digital asset custody.

The Monetary Authority of Singapore (MAS) has introduced cryptocurrency-related amendments to the Payment Services Act, focusing on digital payment token (DPT) service providers. Alongside this, it has published guidelines for digital asset custody.

The Act has been expanded to regulate three types of additional services:

• Digital asset custody
• Payments or transfers involving tokens, even if the service provider does take possession of the DPTs
• Cross-border payments, regardless of whether the funds are within Singapore.

The announcement includes transitional arrangements for existing providers who need to become licensed. These providers must notify MAS within 30 days.

MAS also provided detailed guidelines concerning digital asset custody following a consultation and an outline of the pending rules last November.

MiCA  – the new legal framework of the blockchain industry.

1. Introduction .

The European Union (EU) Regulation on Markets in Crypto-assets (MiCA) aims to introduce an EU-wide regulatory framework regarding financial, legal and technological processes in the blockchain ecosystem, providing legal clarity and certainty for the European crypto-asset market. The legal framework of MiCA was put on the agenda as a legislative project as early as June 2022, and according to representatives of the crypto industry (for example, Tom Duff Gordon, Vice President of "Coinbase"), the adoption of the Regulation "will be a key moment for the blockchain market".

In his speech - Stefan Berger (EPP, Germany), lead rapporteur and MEP on the MiCA regulation, said: "This regulation is currently being worked on: "This puts the EU at the forefront of the token economy with 10,000 different cryptoassets. Users will be protected from fraud and scams, and the sector that suffered from the collapse of the crypto exchange "FTX" will be able to regain confidence. Users will have all the information they need and all major risks surrounding cryptoassets will need to be monitored. We guarantee that environmental impact disclosure will be taken into account by crypto-asset investors. This regulation brings a competitive advantage to the EU. The European crypto-asset industry has regulatory clarity that doesn't exist in countries like the US."

Patent and trademark attorney in Bulgaria. Internet attorney in Bulgaria. Blockchain attorney in Bulgaria. Copyright attorney in Bulgaria.

The specialist in intellectual property - Mr.Atanas Kostov graduated the Law department of the Plovdiv University in 1999 with a Master's degree. He specializes in the field of civil law in Bulgaria. Intellectual property has been provoking him from the very beginning of his career. Currently he is a consultant and author in the publishing house "Labour and Law", Sofia and magazines "Finance and Law" Property and Law "," Law and Society " and " Intellectual Property "(official publication of the Patent Office in Sofia ) and in those editions were published his over 50 articles in the field of intellectual property and in particular copyright, trademark and unfair competition. Mr.Kostov is professional representative to the Bulgarian Patent Office for all industrial property objects: trademarks, patents (inventions), utility models, industrial designs, geographical indications, plant varieties and animal breeds. Mr. Atanas Kostov is an European patent attorney(European trademark attorney) in the field of trademarks and industrial designs to the EUIPO, Alicante, Spain, and he is officially on the list of industrial property professional representatives to this organization under the number №56838. Mr.Atanas Kostov it is a member of AIPPI (The International Association for the Protection of Intellectual Property). In 2017 Mr.Atanas Kostov was nominated for lawyer of the year in Bulgaria.

At the end of 2005. Mr. Kostov as patent attorney was invited as a consultant in a working group to the legislative committee of the National Assembly of Republic of Bulgaria under the direction of Doctor of Juridical Sciences Mr. George Sarakinov where they are made recent changes to the Law on copyright and related rights. In the same year he became the author of the electronic publishing house "Labour and Law" Sofia concerning copyright contracts. Currently lawyer Atanas Kostov is a member of the Advisory Board on issues related to copyright and intellectual property of the Ministry of Culture in Bulgaria.

In November 2010 Mr.Atanas Kostov issued his first book "Copyright hypothesis", published by the Publishing House "Feneya." The book is aimed at giving practical guidance and advice not only to practitioners, but also to all artists from various artistic professions (musicians, photographers, actors, painters, architects, computer specialists, etc.) who wish to gain a clear idea for ways to protect their copyrights.

In May 2011. publishing house "Ciela" launched the second book of Mr.Atanas Kostov, under the heading "Opposition to the trademark". This book is revealing the new procedure for registration refusal on the relatives grounds, according the last amendments of the Bulgarian Law on Marks and Geographical Indications from 10.03.2011. The book aims to be practically useful to a wide range of lawyers, experts in the Patent Office, representatives of industrial property, commercial entities, students and citizens to give better clarity on the scope for prevention, which gives the opposition. Most of the material in the book is a synthesis of theory and practice, mostly of EUIPO and the European Court of Justice, mainly due to the lack of national practice for the moment. This approach was chosen to shed light on the specifics of the procedure not only nationally, but also at European level.

In 2012 Publishing "Feneya" published the third book of Mr.Kostov - "Intellectual property on Internet". The book tries to make a comment and at the same time to propose solutions how to deal with problems concerning copyright, trademarks, domain names and other business identifiers in Bulgaria used in the Internet. The author's aim is to assure the reader how important is nowadays to know legal means, concerning intellectual property that serve for the prevention of online business models, as well as those concerning copyright, based on the web. The significance of the topic is related to purely pragmatic and commercial motives on proper structuring and protection of the online entrepreneurship. The book provides many examples of national and international case law concerning intellectual property rights on the web, through which it becomes possible to visualize commented theme and it becomes the most accessible not only for lawyers but for businesses as well as representatives of the creative industries, without any claim to offer ready solutions, but with the option to give guidance to reflect on dealing with similar cases.

In May 2015, “Labor and Law” Publishing House released the fourth book by Mr.Atanas Kostov - "Trademarks and Copyright on the Internet". The book presents a detailed problem of intellectual property and its protection on the Internet. It examines the issues and offers expert solutions to issues related to copyright, trademarks, domains, and other business identifiers that are used on the web. The book reviews the legal framework and analyzes the accumulated case law both in Bulgaria and in the Court of Justice of the European Union.

As a lawyer who works in the field of copyright and trademarks, as well as a patent attorney and trademark attorney in Bulgaria, Mr. Atanas Kostov leads one of the most interesting and controversial cases in Bulgaria related to copyright, trademarks, patents, industrial designs and unfair competition, which practically built the modern jurisprudence in this area. Lawyer Kostov is a consultant in the field of copyright and "free set Software Foundation" Europe (Free software foundation Europe), of open source systems under the GPL (General public license) and of concluded in connection with this licensing agreements (contracts). In this context Mr.Kostov as a lawyer has long-term deals with the problems of the so-called "Internet law" protection of domain names as trademarks, copyright protection of the content of websites, creation of common conditions for them, fraudulent practices and consumer rights on the Internet and etc.

As a Bulgarian patent and trademark attorney Mr.Atanas Kostov has extensive experience in litigation before the Commission for Protection of Competition (CPC) and the Supreme Administrative Court (SAC) related to disputes concerning unfair competition against public procurement, antitrust law and agreements, business concentration and monopoly market position.

Regulation of token sales internationally. ICO business models and tokens.

Legal framework in the USA. "I believe that every ICO that I encounter will provide certainty," the chairman of the US Securities and Exchange Commission (SEC) began his presentation to the US Senate Banking Oversight Committee in February 2018 with these words. In doing so, he confirmed the great fears of many blockchain startups - that their ICOs, based on the public offering of online bonds called "tokens" (the latter legislated as securities in the United States), are subject to cumbersome registration requirements.

These fears have led numerous emerging companies in the IT industry to launch their ICOs exclusively outside of the United States, ignoring the advantages of attracting U.S.-based investors in the belief that they can thus avoid certain sluggish government regulations.

This "strategy" is based on two misconceptions about the laws governing securities trading around the world. First, it is impossible to conduct a token sale in the US without going through the particularly expensive administrative procedure of registering the ICO with the US Securities and Exchange Commission (SEC), accompanied by the preparation of a project description. Second, the legal framework and procedures for securities regulation in the United States is uniquely burdensome.

The hottest blockchain startups in Bulgaria.

Bulgaria and local dev community haven’t been too vocal about this, but it seems that the country has an important stake in the global blockchain ecosystem. With a growing community around the technology (not the fading crypto enthusiasm), the global acceleration program of platform Aeternity for blockchain startups and the investment company Belayer based in Sofia, a Balkan Blockchain Association seem to be well positioned on the map.

Currently, there are around 30 companies in Bulgaria, both service and product-oriented ones, which leverage blockchain technology in an attempt to develop viable products that serve real business needs. “The majority of blockchain companies right now are part of the transition from a centralized to a decentralized economy. A lot of them are still using decentralized components to solve problems but still have a centralized point of strategic decision-making. The most interesting projects are the ones that change the whole paradigm and really manage to confirm the viability and sustainability of decentralized models of governance and operation. This will not happen overnight.”, Vladislav Dramaliev from aetertnity, told us.  Currently, there are around 30 companies in Bulgaria, both service and product, which leverage the blockchain tech in one way or another, in attempt to develop viable products that serve real business needs.

Here’s the list of the scalable product projects that might have found a way to utilize the technology to solve problems, instead of finding the problem for the blockchain solution. We’ve mostly looked at products beyond the crypto bubble. You can find below what is each of them doing.

Top 10 crypto destinations in the world. Legal framework, established ecosystem, regulations and fees.

I.Introduction.

This article aims to define the top 10 hottest crypto destinations in the world by analyzing their existing regulations, focusing on specific features of the legal framework, and analyzing existing exemptions and taxes. I wrote this piece because more and more often my clients from the crypto industry ask me - where to invest, why there, what are the reasons, how to structure a business and a specific trading company, can we explore fees, tax breaks, etc. Here is an analytical and detailed structured answer to all these questions.

1.United States.

The United States has been a leader in cryptocurrency regulations, with the Securities and Exchange Commission (SEC) taking an active role in regulating the industry. The Internal Revenue Service (IRS) also considers cryptocurrencies as property for tax purposes.

Securities and Exchange Commission (SEC): The SEC has taken an active role in regulating initial coin offerings (ICOs) and cryptocurrencies that are considered securities. In 2019, the SEC issued guidance that clarified its position on when a cryptocurrency is considered a security and therefore subject to securities laws.

What are the types of crypto scams and how to avoid them?

As a lawyer specializing in blockchain technology, I very often come across various inquiries from clients regarding crypto fraud. These are online crimes that most legal entities fall into due to ignorance, naivety, or based on a get-rich-quick motive and/or misunderstanding of an investment in blockchain tools. Knowing the psychology of their victims, criminals with fraudulent goals always find new ways to steal your money by tricking you into "cryptocurrency deals". To protect yourself from this type of fraud, you need to be well-informed about the main mechanisms by which crypto fraud is carried out and carefully research the other side of the "deal" - here's how:

1. Usually, crypto transactions are carried out between two blockchain wallets - yours and the other party's by exchanging the so-called "public keys", i.e. the passwords of the two wallets, which lead to their individualization by third parties. Never share your crypto wallet private key with anyone , it should be kept by you and only you. No legitimate crypto business will want you to transfer fiat (real) money to a bank account to "turn" it into crypto and invest the crypto for "interest" - that's a scam. Investing in crypto interest is called "stake", but there is no exchange of real money in this process. The transaction is always entered into with a specific crypto or by purchasing tokens of a given project. This is usually the cryptocurrency of the project that offers you a "steak" (freezing your investment to earn interest through so-called DeFi protocols). You buy this cryptocurrency/token through a given exchange (crypto exchange) and only then invest it in a given project. If things don't work as described - stop, immediately contact a blockchain lawyer and the prosecutor's office, "Computer Crimes" sector at the GDBOP and/or Interpol. You are being scammed!

What is "GAS" or blockchain fees in the Ethereum ecosystem.

1. Introduction.

"Gas" is a unit of measurement that indicates the amount of computational effort required to perform specific operations on the Ethereum blockchain ecosystem . Since every transaction in Ethereum requires computing resources to execute, it is logical that this same technological operation requires a fee. Therefore, the term “Gas” refers to the fee required to successfully complete an Ethereum transaction.

Gas fees are paid in Ethereum's native currency, Ether (ETH) . The prices of "Gas" fees are denoted in "gwei" , which itself is a denomination of ETH - each "gwei" is equal to 0.000000001 ETH (10-9 ETH). For example, instead of saying that a "Gas" fee costs you 0.000000001 ether, you can say that "Gas" fees cost you 1 gwei. The word "gwei" itself means "giga-wei" and is equal to 1,000,000,000 "gwei". The "gwei" itself (named after Wei Dai, the creator of b-money) is the smallest unit of ETH .

What is “SAFT”?

1. What is “SAFT”?

"SAFT" (from the English Simple agreement for future tokens) is a contractual investment agreement that refers at a technological ("low", i.e. such as in the code) level to the exchange of statements of intent regarding the agreement of specific investors to finance blockchain projects, with developers offering them discounted crypto tokens in return as a future event.

In this context, a "SAFT" contractual arrangement may qualify as a type of electronic bearer security and should fall within the scope of the provisions of the Public Offering of Securities Act. However, the tokens transferred from the blockchain developers to the investors, according to the “SAFT” agreement, are not securities. Therefore, they do not fall within the scope of the Bulgarian regulations on securities or electronic money companies, which are subject to the regulations of the Law on Payment Services and Payment Systems (ZPUPS) and the bylaws of the BNB licensing such companies (argument from Bulgarian Regulation No. 16 of the Bulgarian National Bank(BNB) of March 29, 2018 for the issuance of licenses and approvals, for entry in the register under Article 19 of the Federal Law on Public Procurement).

What is the difference between an ICO and an STO?

1.ICO or  "Initial coin offering" - initial offering of tokens.

The “ICO” model was the first crowdfunding opportunity to emerge in the blockchain ecosystem. This fundraising method has made it possible for anyone and anywhere to finance the development of a company or project. ICOs were also named after the cryptocurrency version of the initial public offering (from the English Initial public offering or "IPO"). In exchange for his investment in the ICO projects, the investor receives a certain number of "utility tokens" or in other words, user tokens. These tokens represent future access to the company's product or service.