Regional regulators in North America are "closely watching" ICOs
It is not only national securities regulators who closely monitor initial currency offerings (ICOs).
At the end of last month, the North American Securities Administrators Association (NASAA), an organization composed of local, state and regional market observers in Canada, Mexico and the United States, issued its Compliance Report for 2017 .
While it is mainly a general description of the types of measures taken in the last year to ensure compliance with legislation and the problems faced by securities regulators, it should be noted that it contains a section on the use case of blockchain.
After noting that NASAA members believe that trading around crypto-currencies in general "is likely to pose a significant risk to investors," notes the growing interest in ICOs, which can be used to start and finance new blockchain networks , but have also been vehicles of alleged fraud in the past.
The report says :
"Cryptomonedas claim to store value through distributed digital accounting, and today they are very popular as a means to raise capital for emerging companies at a very early stage (usually called" initial money supply "or ICO). NASAA members are closely watching this emerging market. "
That statement came amid a growing number of rulings by securities regulators around the world, a trend that gained momentum after the Securities and Exchange Commission (SEC) declared that, in some cases, cryptographic tokens distributed through an ICO can be considered values, according to federal law.
Some regulators have taken a more restrictive approach, including China and South Korea. In the case of China, market observers stated that the financing model through ICO is illegal, triggering a wave of platform closures and rebates for projects that were in the midst of their fundraising initiative.
Source: Coindesk
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