Initial Coin Offerings (ICOs) were introduced in or around 2016
and the Securities and Exchange Commission (SEC) in the US caught
on quickly. In 2016, a warning notice was issued to
investors by the SEC stating that ICOs could be unlawful. China
quickly banned ICOs in 2017.
Notwithstanding, the price of Bitcoin increased worldwide,
rising from US$900 at the beginning of 2017 to US$20,000 by
year's end. By January 2018 however, there was
dismay all around as Bitcoin's price crashed 40 per cent. It
then rocketed and crashed again. This volatility led to the issuing
of further 'buyer beware' notices from regulators globally.
Apart from the many warnings, cryptocurrencies remain unregulated
in most jurisdictions.
