In our latest crypto news, we read more about the decision brought by the Securities and Exchange Commission of Philippines to postpone the issuing of the new rules on initial coin offerings.
According to Philippine Star reports, the issuing date for the new regulation is still unknown but is expected to be somewhere in the middle of January. The Philippines SEC decided to do so after many stakeholders requested some more time in order to get to know the draft ICO regulation first. The regulator will continue to receive comments on the draft.
The draft rules were first released by the Securities and Exchange Commission back in August 2018. At the time, the commissioner Emilio Aquino noted that the rules are being drafted in a way to protect investors from fraud.
The draft rules also require all the crypto firms that are conducting initial coin offerings to register with the SEC before starting their pre-sale. Also, the rules require all ICOs to be assessed by the SEC:
‘’If the SEC finds that the tokens are indeed security tokens, and unless the ICO falls under the exemptions from registration provided under the rules or conducted exclusively through crowdfunding portals under the proposed rules for crowdfunding, the issuer must register the security tokens (registration proper) before the start of the pre-sale.’’
The rules are meant to protect investors and to ensure that all of the ICO proceedings are kept with an independent escrow agent.
Leader Suspect In Billion Dollar Laundering Via Crypto Is Seeking Extradition To Russia
‘’FinCEN acted in coordination with law enforcement’s seizure of BTC-e and Vinnik’s arrest. The Internal Revenue Service-Criminal Investigation Division, Federal Bureau of Investigation, United States Secret Service, and Homeland Security Investigations conducted the criminal investigation.’’Since he was arrested, Vinnik pleaded innocence and said that his biggest mistake was working for the BTC exchange platform. He is also believed to be involved in the Mt.Gox stolen funds scheme. The FinCEN report shows that via the BTC-e platform, more than $120 million were laundered and were connected with the now defunct platform. Vinnik is asking to be extradited to Russia after the Commissioner for Human Rights, Tatyana Nikolayevna Moskalkova asked for help from the United Nations High Commissioner for Human Rights Michelle Bachelet with the goal to take him to Russia. Tatyana claimed that Vinnik lost nearly 30% of his weight and that he needs to be with his wife who is suffering from brain cancer. In the U.S Vinnik was indicted on 21 counts and in Russia, he is only accused of smaller fraud charges that can be paid for about 10.000 Euros. The Greek court in 2017 approved Vinnik’s extradition to Russia but later another court decided to give him extradition to the United States. Later, the Greek Supreme Court ruled that Vinnik should be extradited to France so a clear decision has not been delivered yet.
Crypto Law Consultation Period Officially Started By The Swiss Federal Council
Mexico: New Crypto Regulations Could Shake The Country’s Exchanges
"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
The Swiss Federal Assembly Approved A Motion For Crypto Regulation
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