Australia's securities watchdog has revealed plans to extend existing guidelines for initial coin offerings.
In a speech at a fintech event in Sydney on Thursday, John Price, a commissioner of the Australian Securities and Investments Commission, told the audience to expect updates that will focus overseas ICO fundraising projects targeting the country's investors.
"We will highlight that Australian corporate and consumer law might apply - even if an ICO is created and offered from overseas. This is an important point given the international nature of this sector," Price said during the event.
The remarks stem from concerns over the current perception that ICOs can bypass the regulator's oversight by registering overseas.
"I cannot stress enough that if you are doing business here and selling something to Australians - including issuing securities or tokens to Australian consumers - our laws here can apply," Price said.
ASIC first issued formal guidance for ICOs in September 2017, seeking to define the circumstances in which tokens should be treated as financial products and hence regulated by Australia's Corporate Act 2001.
Price said that the regulator still has concerns over the emerging space's low threshold for immature businesses to enter, which drives a "Certain level of opportunism."
"The stories that come out about these businesses are, and will continue to have, a negative impact on investor confidence over time."
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Australia's Securities Watchdog Airs Concerns About Overseas ICOs
pubblicato su Apr 27, 2018
by Coindesk | pubblicato su Coinage
Coinage
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.