The Chinese crackdown on ICOs, which has been followed by reports this week that Chinese authorities are also preparing to shut down all bitcoin exchanges in an effort to prevent capital from fleeing to digital currencies, stands apart from the positions many regulators around the world have taken on the burgeoning space.
Jurisdictions including the U.S. and even Hong Kong have taken the view that ICOs — which can resemble securities offerings — may fall under securities laws depending on the facts and circumstances of each case, and will be regulated accordingly. While the details vary by regulator, there had been hopes for some kind of regulatory consistency given the often global nature of the transactions.
ICOs are a booming method of raising capital whereby startups sell digital tokens to investors to help fund certain projects, using digital currency facilitated by the same blockchain technology that powers bitcoin. The tokens themselves can represent various things, ranging from access to a company’s products or services to an equity interest, thus falling into a regulatory gray area.
Moreover, the potential for these tokens to appreciate in value and become tradeable commodities is helping fuel the surge in ICOs. Digital currency news site CoinDesk reports that nearly $2 billion has been raised to date through ICOs, largely outside the realm of government oversight and without the investor protections and disclosure requirements that apply to traditional offerings.
Chinese authorities cited fraud concerns when they demanded all ICOs cease last week. They also ordered individuals who have already begun raising money from such offerings to provide refunds, and they banned exchanges from engaging in such transactions, among other things.
Chinese authorities cited fraud concerns when they demanded all ICOs cease last week. They also ordered individuals who have already begun raising money from such offerings to provide refunds, and they banned exchanges from engaging in such transactions, among other things.
The action effectively halted a new and rapidly growing market in China, where about 65 ICOs raised nearly $400 million through the first seven months of 2017, according to the Beijing Internet Finance Association.
Such a scheme is still very much a work in progress. In terms of China, it remains unclear whether the country’s crackdown on ICOs will be permanent.
Even apart from China, lawyers say many questions about ICO regulation remain unresolved. For one, it’s still unclear how exactly regulators will distinguish between what is and isn’t a security.
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