Saturday, 16 December, 2017

Australia's Securities Regulator Issues Formal Guidance For ICOs

ASIC releases guide on initial coin offerings ASIC issues regulatory guidance on ICOs
Wallace Pearson | 30 September, 2017, 15:52

ICO issuers accept bitcoin or ethereal in exchange for coins or tokens related to the firm or project raising funds - but in most cases it's hard to work or the value of the digital coins.

China also banned ICOs earlier this month, a move that came with shutdowns of several cryptocurrency exchanges.

South Korea had issued strong warnings regarding ICOs around the time China announced its own full ban on the practice.

The country's regulator, the Financial Services Commission (FSC), issued the ban following a meeting Friday, reasoning that ICOs are pushing the market into a "non-productive speculative direction".

ICOs have become an increasingly popular way to raise money for companies not large enough to raise capital through an initial public offering of stock.

Oliver Bussmann, president of the Crypto Valley Association, a Swiss organization, said in a statement emailed to Business Insider that the announcement comes as no surprise.

"Given the close resemblance, in some respects, between ICOs/token-generating events and conventional financial-market transactions, one or more aspects of financial market law may already cover ICO campaigns according to their various models", the agency wrote.

For now (as time of the press) Bitcoin price has decreased around 2.84 percent in the last 24-hours (on Friday Sep 29), which is following after hitting the nearly monthly highest and retesting supports around $4,000. They may have other value; usually the tokens provide a means to actively participate in the startup's project, and they can typically be sold for other cryptocurrencies, such as Bitcoin or Ethereum. "That's why the price of ether is susceptible".

But South Korea has now followed suit.

Prosecutors in South Korea have recently caught four would be cryptocurrency traders who illegally raised 25 billion won (US$22mil) from 1,000 investors in a pyramid scheme growing in scale, the South Korea commission said.

In July, the US Securities and Exchange Commission warned that some ICOs should be regulated like other securities.

Regulators across the world, including the U.S., Singapore, Hong Kong and United Kingdom, have warned companies contemplating an ICO that they may violate securities laws.

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