On September 28, 2017 the Australian Securities and Investments Commission (ASIC) published guidance to help issuers of initial coin offerings (ICOs) consider their legal obligations when offering coins or tokens.
ASIC’s information paper provides guidance on the potential application of the Corporations Act 2001 to businesses seeking to collect funds through ICOs. ICOs can also be subject to consumer law, depending on the type of services on offer. The guidance on the legal status of ICOs is available regardless of whether the ICO is created and offered from within Australia or offshore. ASIC also encourages businesses to approach the Innovation Hub for informal assistance.