The Australian Securities and Investments Commission (ASIC) is a corporate regulator which protects the interest of consumers, investors and creditors via regulation of companies and financial services laws in Australia. To tighten the stance on the risky investments, the regulator is taking series of actions to stop various Initial Coin Offerings (ICO) from pitching to retail investors in terms of raising capital. ASIC have put a hold on many ICO’s since April. In the past, ASIC has warned that many ICO’s are not following Australian law and many have turned out to be scams. ASIC is making sure that these ICO’s are complying with the Australia’s Law before reaching out to retail investors. ASIC is open for new financial innovations but not at the expense of basic consumer protection.
New Dawn Fund was recently stopped to issue its product disclosure statement which was issued by Investor exchange limited after ASIC’s concerns. The fund was proposing to invest in various types of cryptocurrency assets. According to ASIC, there are several problems with Initial coin offerings and funds that invest in Crypto-assets. These ICO’s and funds are using misleading or deceptive statements in marketing and sales material. Also, there are various unregistered, illegal management schemes which are operated by ICO’s. Many ICO’s are not the holder of Australian Financial services License.
While this is coming under an enforcement plan, the cryptocurrency scenario has taken a toll at many geographies overall. Its not even 24 hours that we saw cryptocurrency trying to rebound with support coming from prices of ripple (up about 18%) while Bitcoin moved up about 1%.
On one hand ripple was getting a boost from news on commercial application of a crypto-driven product to be launched soon; and on the other, we had ICOs in Australia coming under pressure by ASIC.
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