Five Initial Coin Offerings has been stopped from taking place since April this year, by the Australian Securities and Investments Commission (ASIC).
Making a statement, the ASIC indicated that some of these token sales, which remains unnamed, “will be restructured to comply with the applicable legal requirements.” The statement coming from Australia’s chief securities market regulator signal towards its willingness to allow some ICOs, noting which are carried out within the legal boundaries.
Without mentioning any additional details the agency said, “ASIC is taking further action in respect of one complete ICO.”
This can be seen as a development from ASICs earlier decision to contacting ICO issuers and putting a hold on those seem suspicious.
John Price, the Commissioner of the institution believed token sales have obligations towards soliciting investors, a view which reflects in his statement from last Thursday.
Price said, “If you raise money from the public, you have important legal obligations. It is the legal substance of your offer – not what it is called – that matters…You should not simply assume that using an ICO structure allows you to ignore key protections there for the investing public and you should always ensure disclosure about your offer is complete and accurate.”
Apart from ASIC other government agencies from Australia are also engaging with blockchain technology as well.
Recently it was reported, the research arm of Commonwealth Scientific and Industrial Research Organization (CSIRO) is working with IBM towards developing a technology dubbed as “national blockchain” which will be beneficial for the businesses in conducting transactions.