Australia toughens stance against misleading ICOs

The rapid, perhaps unprecedented rise of cryptocurrencies and financial blockchain innovations continue to be a divisive subject for policy makers in the financial sectors of countries all over the world. Central banks and financial regulators are scrambling to adapt to the new realities this decentralized and sophisticated new interpretation of currency as a medium of exchange.

Many of the governments and institutions taking a dim view of and placing restrictions on cryptocurrencies and ICOs (Initial Coin Offerings) do so with the stated intention of protecting the general population, although many see an ulterior motive in such policies.

The Australian Securities and Investments Commission (ASIC) is the most recent authoritative body to try and come to grips the new technology and its unfolding realities. It has stated that it will be taking steps to curtail and stamp out the sometimes misleading or deceptive methods a number of ICOs use to market their tokens. This is, as they claim, in order to protect the Australian investor’s best interest in this new field of investment.

The mandate of putting these protective measures in place was placed upon the ASIC by the ACCC (Australian Competition and Consumer Commission) in April of this year. Their stated intention is to bring to bear the laws in place under the Australian Consumer Law in conjunction with with the ASIC Act to bring about court action against any ICOs caught offending these legislations and taking advantage of unwary consumers.

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Source: Australia toughens stance against misleading ICOs – Best in Australia