Russian Central Bank approves first crypto exchange

Russia’s central bank has approved the country’s first cryptocurrency exchange called “Voskhod”
05 September 2017   1239

While China bans ICO, Russia is getting closer to legalizing and regulating cryptocurrencies.

As reported by, the Russian Deputy Finance Minister, Alexei Moiseev has proposed Bitcoin regulation and the possibility of digital assets being listed on Moscow’s stock exchange. Now the country’s Deputy Prime Minister, Yury Trutnev claims the Russian Federation Central Bank has approved the first cryptocurrency trading platform for private investors. The exchange is called “Voskhod”.

We are considering the possibility of creating a platform for trading with cryptocurrencies. The central bank has supported us. The system “Voskhod” was the first in the country to receive the right to work with cryptocurrencies.

Yury Trutnev
Russia’s Deputy Prime Minister 

The news comes along with the information about the two of the nation’s energy companies, Evrosibenergo and Gazprom, possibly partnering with local Bitcoin miners. As Trutnev details, there's an abundance of electricity in particular regions within the nation that could help the mining industry a great deal.

SEC May Signal Some Flexibility on ICOs

Looks like senior advisor for digital assets and innovation at SEC is not 100% against ICOs
14 December 2018   41

Some blockchain projects may be able to circumvent the requirements of US securities laws by contacting the Securities and Exchange Commission (SEC) for a so-called non-action letter. As SEC consultant on digital assets and innovations Valerie A. Szczepanik explained, such letters will not be issued often, but this does not mean that they cannot be received at all.

I think that’s a way forward for a lot of people who want to implement some of these things that may not exactly fit in the format of the rules that we want. 

Valerie A. Szczepanik

Senior advisor for digital assets and innovation, SEC

According to advisor, issuers of tokens have three ways to comply with the requirements of the laws: register an offer of securities, declare an exceptional case, or "make sure they're not a security."

In certain cases, the SEC may decide that “maybe this doesn’t fit the letter of our law or regulation but it fits the spirit and we can accomplish all the goals of investor protection”. In this scenario, the SEC may indeed issue such a letter, which will indicate that its employees do not recommend taking legal measures against a particular issuer.

The letters set forth exactly what the person plans to do or the entity plans to do and if it’s something that the SEC feels comfortable with we can release a no-action letter for exemptive relief saying ‘we can recommend no enforcement action.

Valerie A. Szczepanik

Senior advisor for digital assets and innovation, SEC

As reported, her remarks signaling a modicum of flexibility are notable in light of SEC Chairman Jay Clayton’s advice last month to anyone raising money by selling a token that they should “start with the assumption that it is a security.”

Speaking about the principles of recognition of tokens as securities, Valerie recommended to take into account the structure of sales. According to her, only in rare cases the token will not be recognized as a security. Most often, investors expect to profit from investments in such proposals, which is enough to recognize them as the spread of securities.