Depending on the country, the approach to Initial coin offerings (ICOs) may be different. While some jurisdictions are hesitating from regulating this industry, Russia has taken the lead and presented a specific regulatory framework for ICO’s and blockchain technology. This article seeks to give an outline of the laws related to ICOs in Russia. In particular, there are discussed two main questions: whether Russian framework concerning ‘blockchain’ is a meaningful concept and whether there are regulatory rules which can be taken into account while elaborating global ICO regulation and which disadvantages should be avoided.