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ICO Issuers Better Mind Australian Law, Watchdog Says

Law360 (May 30, 2019, 5:53 PM EDT) -- Australia's securities watchdog said Thursday it believes that initial coin offerings and cryptocurrency-related assets are often similar to financial products subject to regulation, and urged businesses involved in such endeavors to be sure they are operating lawfully.

The Australian Securities and Investments Commission updated its guidance on ICOs and crypto assets, saying "recent experiences" show that such assets are likely to be a "financial product" or involve financial products governed by the country's Corporations Act. ASIC did not list specific examples that led it to that conclusion.

The regulator said it released new guidance to help businesses "consider their legal obligations...

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