On 20 September, ASIC stated that it has taken action to stop several proposed initial coin offerings or token-generation events (together, ICOs), targeting retail investors, and that ASIC recently stopped the issue of a Product Disclosure Statement for a crypto-asset managed investment scheme.
ASIC states that consistent problems identified by ASIC are:
- the use of misleading or deceptive statements in sales and marketing materials;
- operating an illegal unregistered managed investment scheme; and
- not holding an Australian financial services licence.
More information is available here.