ASIC turns attention to initial coin offerings

As a method of raising funds.

Initial coin offerings (ICOs) will be a “key focus” for Australia’s corporate watchdog as it looks to update guidance on companies considering raising funds by issuing digital coins or tokens.

The Australian Securities and Investments Commission (ASIC) will expand the scope of its guidance in coming weeks to include more questions and details on ICOs, commissioner John Price flagged in a speech in Sydney.

“We will highlight that Australian corporate and consumer law might apply – even if the ICO is created and offered from overseas,” Price said at a fintech event.

“This is an important point given the international nature of this sector. I think you can expect a strong focus from us in this area.”

ASIC will also highlight information on how Australian law prohibiting misleading or deceptive conduct will apply in this space.

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Source: ASIC turns attention to initial coin offerings – Finance – iTnews