The closing date of the Australian Government’s consultation process regarding the making of an initial coin offering (ICO) provides us with an opportunity to take a breath and review the current regulatory state of the crypto world, in preparation for the regulations that may be on the horizon.
The long awaited extension of the Corporations Act Crowd-sourced Equity Funding (CSF) regime to private companies is now in place.
Equity crowd funding has taken some first, tentative practical steps. The new crowd-sourced funding (CSF) regime that started at the end of October 2017 - designed to reduce costs and red-tape for start-ups and SMEs looking to raise capital from a large number of small investors – is still being tweaked, as proprietary companies were excluded from eligibility. This will be rectified with a bill currently before the Parliament.
It’s been over a year since the Australian Consumer Law provided that terms that are ‘unfair’ in new or renewed consumer and small business contracts could be deemed void and unenforceable.