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ARTICLE · 06 NOVEMBER 2017

Ontario Securities Commission Approves First ICO In Ontario

McCarthy Tétrault
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In a decision expected to be widely noted by the startup community, the Ontario Securities Commission approved the first initial token offering ("ITO", also known as an initial coin offering or "ICO") in Ontario.

CanadaTechnology
SnIP/ITs Blog
SnIP/ITs Blog
Shauvik Shah
Shauvik Shah
Eriq Yu
Eriq Yu
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In a decision expected to be widely noted by the startup community, the Ontario Securities Commission ("OSC") approved the first initial token offering ("ITO", also known as an initial coin offering or "ICO") in Ontario. The decision released October 17, 2017 comes in the wake of increasing innovation and market activity within the fintech and cryptocurrency space in Canada.

Background

The applicant, Token Funder Inc. (the "Applicant"), is a blockchain business incorporated in Ontario seeking to offer a technology platform for businesses to raise capital through tokens, coins and other blockchain-based securities. In particular, the decision notes that the Applicant specifically intends for the platform to enable crowdfunding and private placements of blockchain-based securities.

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