Australia joins list of countries legalizing ICOs
Australia Securities and Investments Commission (ASIC) has released official guidance on ICOs.
The guidance goes so far as to describe when an ICO is considered as to "offer share in company" vs. "Managed Investment Scheme" vs. "an offer for derivative", etc.
There is, however, an important clarification at the outset of this guidance:
"The legal status of an ICO is dependent of the circumstances of the ICO, such as how the ICO is structured and operated, and the rights attached to the coin (or token) offered through the ICO."
ASIC has even started an 'innovation hub' to help companies that are looking into ICO.
Overall, a welcoming move from Australia!
Here's a link to an article further on the topic: http://www.smh.com.au/business/markets/asic-weighs-in-on-ico-craze-20170928-gyqh4a.html
It seems that Australian issuers will need to consider the form of their ICO and exchanges may now need financial services licenses.
Yes, to legalize the framework would need licensing - same as what Japan did and what China is about to do!
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