News Roundup – The Latest In Crypto And Blockchain - June 13th, 2018

Canadian Securities Administrators Provide Additional Guidance on Securities Law Implications for Offerings of Tokens

June 11, 2018: The Canadian Securities Administrators ("CSA") published CSA Staff Notice 46-308 Securities Law Implications for Offerings of Tokens, which provides additional guidance on the applicability of securities laws to offerings of coins or tokens, including those that industry stakeholders commonly refer to as "utility tokens". Staff Notice 46-308 "outlines specific situations that may have an implication on the presence of one or more of the elements of an investment contract in the context of an offering of coins or tokens." In particular, Staff Notice 46-308 provides guidance on when an offering of tokens may or may not involve an offering of securities and offerings of tokens that are a structure in multiple steps.