Recently I posted a thread titled ICO / IPO and regulators but hardly any response , I thought ICO was the flavor of the month!
Any way it seems there are 2 ICO under ASIC jurisdction currently in discussion one called AUSCOIN with lot of controversy and the other one called PLAYCHIP
The Playchip one sounded interesting since the company claims to have a turnover of more than $400 Million ( not sure AUD or USD) they have 6 businesses all linked to various sports with online betting comp etc
It seems their ICO is a "Utility" coin generation and not considered as a security!
And because it is a "Utility " token they claim it is not mandatory to have any disclosure of current company financials or a prospectus
WTF!
At the end of the day we as a investor are risking our real money in a business concept nothing more nothing less am I correct
If I am correct then the basic question is why such " Public fund raising" is not scrutinized at the same level as that done in a IPO event!
Is ASIC so smitten by this technology hype that they have forgotten their role !
Can somebody in simple English explain why the risk is not the same or even more because in a ICO you dont get voting rites or the regulatory reporting may not be as stringent as that of a public listing
so here we have millions being raised form masses with very little over site
I tried to ask ASIC and all they do is point to their website and all it says is an ICO may or may not a be a security WTF ( again) end of rant
Any way it seems there are 2 ICO under ASIC jurisdction currently in discussion one called AUSCOIN with lot of controversy and the other one called PLAYCHIP
The Playchip one sounded interesting since the company claims to have a turnover of more than $400 Million ( not sure AUD or USD) they have 6 businesses all linked to various sports with online betting comp etc
It seems their ICO is a "Utility" coin generation and not considered as a security!
And because it is a "Utility " token they claim it is not mandatory to have any disclosure of current company financials or a prospectus
WTF!
At the end of the day we as a investor are risking our real money in a business concept nothing more nothing less am I correct
If I am correct then the basic question is why such " Public fund raising" is not scrutinized at the same level as that done in a IPO event!
Is ASIC so smitten by this technology hype that they have forgotten their role !
Can somebody in simple English explain why the risk is not the same or even more because in a ICO you dont get voting rites or the regulatory reporting may not be as stringent as that of a public listing
so here we have millions being raised form masses with very little over site
I tried to ask ASIC and all they do is point to their website and all it says is an ICO may or may not a be a security WTF ( again) end of rant
