ASIC Starts To Clamp Down On ICO's
Well, it has started, what was announced recently is finally happening.
The Australian Securities and Investments Commission (ASIC) has decided to intervene on ICOs and token generation events.
So far since April a total of 5 ICO's have been halted!
The Commission has stopped outright several ICOs in Australia, and whilst initial coin offerings are not outright banned in Australia, there are growing hoops that they need to jump through before they get the greenlight.
John Price of ASIC made the new announcements in a statement, arguing that “you should not simply assume that using an ICO structure allows you to ignore key protections there for the investing public, and you should always ensure disclosure about your offer is complete and accurate”.
This may be looked upon as "the glass is half full or the glass is half empty", what it really boils down to is that scammers who have in recent years conned people out of millions of dollars are going to find it a lot harder to do the dirty via ICO's.
Not good for those who don't like doing the right thing, good for all those who have money to invest without hiding it!
Posted from www.steemaustralia.org via SteemPress : http://www.steemaustralia.org/asic-starts-to-clamp-down-on-icos/