It seems like you can’t open an industry e-newsletter these days without reading about another regulator expressing concern about crypto-currency based investments. As the Board of the International Organization of Securities Commissions (IOSCO) noted in a media release published on January 18, initial coin offerings (ICOs) aren’t standardized and their legal and regulatory status is likely to depend on the specific circumstances of the ICO. IOSCO also noted that, although some operators are providing legitimate investment opportunities to fund projects or businesses, the increased targeting of ICOs to retail investors through online distribution channels by parties often outside the investor’s home jurisdiction raises investor protection concerns. The IOSCO Board has established an ICO Consultation Network through which IOSCO members can discuss their experiences and bring their concerns to the attention of fellow regulators. It has also published a sample of regulators’ media releases here. We can expect to hear more from regulators on this topic, and AUM Law will keep on an eye on developments that affect Canadian markets and market participants.