New guidelines set the Australian Securities and Investments Commission (ASIC) for equity crowdfunding came into effect as of Friday last week.
The new rules governing equity crowdfunding as aimed at companies looking to raise funding by way of an initial coin offering (ICO) with ASIC commissioner John Price warning consumers of the “highly speculative investments”.
An ICO is a process of fundraising using the block chain network, and can be employed by cryptocurrency-based startups as a different route rather than the traditional forms such as crowdfunding or venture capital investment.
The guidelines blueprint the legal status of ICOs; whether they will answer to general law and Australian Consumer Law, or whether they will be subject to the Corporations Act will be determined by how each specific ICO is structured and operated.
The equity crowdfunding guidelines come into play as of last week they give permission to startups and small businesses to raise money through equity crowdfunding platforms.
At this stage, this new legislative regime applies to public unlisted companies.
Startups in New South Wales will be able to access grants of up to $250,000 to support R&D projects involving partners in Israel, under a new innovation program announced earlier this week.
The ‘NSW-Israel R&D Tech Innovation Program’ will help foster global opportunities to commercialize and sell new products, while also building innovation links between the two regions, Minister for Innovation Matt Kean said in a statement.
“Israel is one of the world’s leading innovation powerhouses, and this new program will allow NSW and Israel to help businesses build global commercial capabilities,” he said.
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