ASIC Starts to Crackdown on ICO's

The Australian Securities and Investment Commission (ASIC) released a statement May 1, 2018, informing companies that ASIC will take action against companies that sell digital or virtual tokens via initial coin offerings (ICOs) if their conduct or statements are misleading or deceptive. ASIC is currently issuing inquiries to ICO issuers and their advisors where ASIC identifies conduct or statements that are misleading or deceptive, especially in marketing material and White Papers. ASIC recommends that any company selling something to Australians, whether it is a financial product or a utility token, ensure they are in compliance with the Corporations Act 2001, and are properly licensed if necessary.

 Link to the May 1, 2018, Statement: https://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2018-releases/18-122mr-asic-takes-action-on-misleading-or-deceptive-conduct-in-icos/

The Updated ASIC Information Sheet for ICO and Companies in the Cryptocurrency Space: http://www.asic.gov.au/regulatory-resources/digital-transformation/initial-coin-offerings-and-crypto-currency/#financial