Summary
On August 30, we published an Update ("Initial Coin Offerings in Canada: The CSA
Weighs In") summarizing guidance from the Canadian
Securities Administrators (CSA) with respect to the potential
application of Canadian securities laws to initial coin offerings
(ICO). Given the ongoing explosive growth in cryptocurrencies, it
is not surprising that in less than two weeks since our Update we
have seen a number of additional noteworthy regulatory developments
related to this emerging asset class.
ICOs: International Developments
In the Update, we observed that greater international
regulation of cryptocurrency offerings seemed inevitable. That
prediction was quickly validated. On September 4, China's
central bank declared ICOs illegal in China and required an
immediate halt to all ongoing ICO activity as well as a refund of
all money previously raised by way of ICO (although it is not clear
how that will actually occur). There have also been reports
