Unicoin shareholders have approved a change in the project’s structure following a vote at a Special Shareholder Meeting held on 5 December. The decision supports a move towards a decentralised, community-led model, in line with a recommendation from the Board of Directors.
The change is designed to ensure Unicoin qualifies as a non-security under new guidance issued by Paul Atkins, Chairman of the Securities and Exchange Commission. Under these guidelines, a cryptocurrency is treated as a security only where there is an “explicit and unambiguous expectation of essential managerial efforts to be undertaken by the issuer.” By shifting management responsibilities to the newly established Unicoin Foundation, the project avoids classification as a security.
This non-security status allows Unicoin to trade as a commodity on large global crypto exchanges, rather than being limited to smaller platforms that handle crypto securities with lower trading volumes.
“It is fortunate that the new SEC guidelines were revealed prior to our ICO,” said Alex Konanykhin, CEO of Unicoin. “Had we proceeded under our previous business model, Unicoin would have been classified as a security—a status that would have severely limited our liquidity. By aligning with Chairman Atkins’ guidelines, we have avoided this obstacle and positioned Unicoin for trading on major crypto exchanges.”
Sakineh Majd, a policy consultant for Unicoin, said the new approach marks a clear shift in regulation. “Chairman Atkins has narrowed the scope of regulation from the previous administration’s stance that ‘all cryptocurrencies are securities’ to a specific definition involving explicit promises of management. This represents a major regulatory improvement, providing a clear path for Unicoin to avoid security status.”
With shareholder approval now in place, Unicoin is moving ahead with plans to list on several leading cryptocurrency exchanges.
