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Briefing
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- ICO Guidelines – Regulator Australian Securities and Investments Commission (ASIC) issued guidelines to regulate Initial Coin Offerings (ICOs) in county
- Financial Product Regulation – ICOs considered to be financial products will be governed under country’s Corporations Act, potentially requiring license to sell tokens
- Non-Financial Products – ICOs that are not financial products will fall under Australian Consumer Law
- Local Rules Apply – ICOs held outside of country will also be subject to Australian laws when selling tokens within Australia
- Illegal Deceptive Practices – ICOs prohibited from making deceptive or misleading statements, such as making it look like there is greater public interest or buyout than what really exists, not disclosing enough information, and saying ICOs are approved by regulator if not the case
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Accelerator
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Market Disruption
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Sector
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Financial Services
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Organization
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Australian Securities and Investments Commission (ASIC)
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Source
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O'Leary, R., "Australia's securities regulator issues formal guidance for ICOs",
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"Initial coin offerings and crypto-currency,"
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"‘A Key Focus’: Australian regulator talks updated ICO, crypto guidelines,"
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Tyagi, A., "ASIC to subdue ICO: Australia covers all ICO bases, no chance to escape",
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AcceleratingBiz analysis
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Original Publication Date
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September 28, 2017
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