The Australian Commission of securities and investments (ASIC) regulated launch of the initial offerings of coins (ICO) for enterprises.

The legal regime for cryptographic tokens issued by the ICO will depend on their structure. Some sales of tokens will be classified in accordance with the General Australian legislation on consumers, ICO financial products will be governed by the Law on corporations.

The corporations act provides for the protection of investors. “In some cases, issuers can set the ICO for the investors right to receive paid services. However, if the acquired digital value of coins depends on the combining of funds of participants/use of these funds under the agreement, ICO will probably meet the requirements of MIS [managed investment schemes]. This often happens in the case that the ICO product has the attributes of investments,” the statement said ASIC.

If the ICO offers a financial product, then the operator ICO may require the purchase of market license.

The document States that, in accordance with the corporations Act and there are “a number of obligations on information disclosure, registration and licensing”.

“Investors need to carefully study the documentation of ICO, since the regime of investor protection in accordance with the “Law of corporations” not provided,” – said ASIC Commissioner John Price case tokens are not financial products.

Note that the ASIC compared to other regulators, for example, the Chinese, like raising capital in technology-based distributed registry, believing that it can expand opportunities to raise funds for business.

According to CoinDesk during the second quarter of this year in the activities of the ICO was involved about $797 million in September, has already collected $517 million in total funding.

Earlier it was reported that the Australian government has submitted to Parliament a bill that provides a solution to the problem of “double taxation” for cryptocurrency by abolishing the tax on their purchase.

Australia legalized ICO 01.10.2017

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