The Australian Securities and Investments Commission (ASIC) has issued regulatory guidance for businesses considering launching an initial coin offering (ICO). However, if the value of the digital coins acquired is affected by the pooling of funds from contributors or use of those funds under the arrangement, then the ICO is likely to fall within the requirements relating to MISs... In a true sign of a bubble, a parody coin called 'Useless Ethereum Token' managed to raise almost $90,000 from investors earlier in the summer. The regulator noted some ICOs feature parallels with IPOs, private placements, crowdfunding and even collective investment schemes. ICOs raised $2 billion in the first nine months of 2017, according to Forbes.
Korea and China are two of the fastest growing markets for cryptocurrencies.
Switzerland does not have rules governing conduct specifically for ICOs. That said, it's now unclear how, exactly, the country would attempt to regulate crypto.
President Oliver Bussmann said the association was unsurprised by FINMA's announcement.
In addition, she said it spoke of the regulator's willingness to adopt a collaborative approach towards working with the fintech community, who are looking to either assist or engage in crowd-funding through ICOs whilst also meeting their regulatory obligations.
Catalan referendum could see Barça-Las Palmas postponed
The central government is deploying 10,000 police officers in Catalonia for the ballot, Forn told reporters. Catalonia is scheduled to have a referendum on October 1 on whether to secede from Spain.
Airport chaos as check-in systems fail across the globe
The spokesman added that it is "not an airport issue" but that check-in software has affected a few airlines' check-in systems. Facing chaos and delays, many passengers took to social media to complain and tweeted pictures of the long lines at airports.
Transportation Dept. grants Puerto Rico $40M for road, bridge fix
But Maria knocked out the United States territory's entire power grid, crippling its water and sewage treatment system. This means aid from countries such as the nearby Dominican Republic can not directly be sent to the devastated island.
This month FINMA closed down what it said was the provider of a fake cryptocurrency and said it was investigating around a dozen other possible fraud cases. Earlier this month, the government introduced the Treasury Laws Amendment, which exempts the purchase of bitcoin and other cryptocurrency as taxable supplies, removing double taxation when the currency is used to buy a taxable supply.
The risk for cryptocurrency boosters is that the Chinese and Korean decisions could become a template for the rest of the world.
"ICOs are highly speculative investments, are mostly unregulated and the chance of losing your investment is high", Mr Price said.