ASIC Starts To Clamp Down On ICO's

in #australia2 years ago


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!

Source: https://cryptonewsreview.com

 

 


Posted from www.steemaustralia.org via SteemPress : http://www.steemaustralia.org/asic-starts-to-clamp-down-on-icos/

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Not good for small players who face increased red tape and barrier to entry. The message is simple - if you want to ICO then don't do it in Australia.

Well, I read it as "if you are going to do an ICO, do a legitimate one..."

Don't do a "Dodgy brothers special".

Simple as that really.

I don't even know why you'd consider Aust when there are a bunch of countries who've set up crypto friendly regs. Malta, Gibralter and Bermuda are leading the race. If you do it in Australia, you're an idiot.

It really depends on the business, their goals and the overall image/security that they wish to set as a precedence.

If ASIC with its efforts helps make Australia one of the safest countries for ICO's, then that will be a world first.

Imagine when people look through all the "ICO's" and they know that an ICO in Australia is 100% safe.

Like I say, is the glass half full or half empty.