IOSCO

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class="col-md-12 p-4" id="rightPage"> <h1>Regulators' Statements on Initial Coin Offerings</h1> <hr> <div class="row"> <div class="col-12 m-0 pb-3" style="border-radius: 0 !important; overflow: hidden;border:none;"> <ul> <li> <td><a href="/library/ico-statements/Abu Dhabi - FSRA - Guidance - ICOs and Virtual Currencies.pdf" target="_blank">Abu Dhabi - FSRA - Guidance - ICOs and Virtual Currencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/Abu Dhabi - FSRA - Guidance - Regulation of Crypto Asset Activities in ADGM.pdf" target="_blank">Abu Dhabi - FSRA - Guidance - Regulation of Crypto Asset Activities in ADGM.pdf</a> </li> <li> <td><a href="/library/ico-statements/Abu Dhabi - FSRA - Launch of Crypto-Asset Regulatory Framework.pdf" target="_blank">Abu Dhabi - FSRA - Launch of Crypto-Asset Regulatory Framework.pdf</a> </li> <li> <td><a href="/library/ico-statements/Andorra - INAF - Statement on Cryptocurrencies.pdf" target="_blank">Andorra - INAF - Statement on Cryptocurrencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/Andorra - INAF - Statement on Initial Coin Offerings.pdf" target="_blank">Andorra - INAF - Statement on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Argentina - CNV - Alert Regarding ICOs.pdf" target="_blank">Argentina - CNV - Alert Regarding ICOs.pdf</a> </li> <li> <td><a href="/library/ico-statements/Argentina - CNV - Oferta Inicial de Monedas Virtuales o Tokens.pdf" target="_blank">Argentina - CNV - Oferta Inicial de Monedas Virtuales o Tokens.pdf</a> </li> <li> <td><a href="/library/ico-statements/Australia - ASIC - 20190531 - Initial coin offerings and crypto-assets.pdf" target="_blank">Australia - ASIC - 20190531 - Initial coin offerings and crypto-assets.pdf</a> </li> <li> <td><a href="/library/ico-statements/Australia - ASIC - Action on ICOs and crypto-asset fund offerings.pdf" target="_blank">Australia - ASIC - Action on ICOs and crypto-asset fund offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Australia - ASIC - Information Sheet for those considering raising money through Initial Coin Offerings and Crypto-Currency.pdf" target="_blank">Australia - ASIC - Information Sheet for those considering raising money through Initial Coin Offerings and Crypto-Currency.pdf</a> </li> <li> <td><a href="/library/ico-statements/Australia - ASIC - Initial coin offerings.pdf" target="_blank">Australia - ASIC - Initial coin offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Australia - ASIC - Investor Information Regarding Initial Coin Offerings.pdf" target="_blank">Australia - ASIC - Investor Information Regarding Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Australia - ASIC - Media Release On Misleading or Deceptive Conduct in ICOs.pdf" target="_blank">Australia - ASIC - Media Release On Misleading or Deceptive Conduct in ICOs.pdf</a> </li> <li> <td><a href="/library/ico-statements/Australia - Australian Treasury - Issues Paper - Initial Coin Offerings - January 31, 2019.pdf" target="_blank">Australia - Australian Treasury - Issues Paper - Initial Coin Offerings - January 31, 2019.pdf</a> </li> <li> <td><a href="/library/ico-statements/Austria - FMA - FinTech Navigator.pdf" target="_blank">Austria - FMA - FinTech Navigator.pdf</a> </li> <li> <td><a href="/library/ico-statements/Austria - FMA - Text on ICOs for Investors and Consumers.pdf" target="_blank">Austria - FMA - Text on ICOs for Investors and Consumers.pdf</a> </li> <li> <td><a href="/library/ico-statements/Belgium - FSMA - Initial Coin Offerings.pdf" target="_blank">Belgium - FSMA - Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Brazil - CVM - Statement on Initial Coin Offering (ICO).pdf" target="_blank">Brazil - CVM - Statement on Initial Coin Offering (ICO).pdf</a> </li> <li> <td><a href="/library/ico-statements/Canada - CSA - Additional guidance on securities law implications for offerings of tokens.pdf" target="_blank">Canada - CSA - Additional guidance on securities law implications for offerings of tokens.pdf</a> </li> <li> <td><a href="/library/ico-statements/Canada - CSA - Caution urged for Canadians investing with crypto-asset trading platforms.pdf" target="_blank">Canada - CSA - Caution urged for Canadians investing with crypto-asset trading platforms.pdf</a> </li> <li> <td><a href="/library/ico-statements/Canada - CSA - Staff Notice Cryptocurrency Offerings.pdf" target="_blank">Canada - CSA - Staff Notice Cryptocurrency Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Canada - Quebec AMF - Warning to investors, issuers and sponsors concerning Initial cryptocurrency or token offerings.pdf" target="_blank">Canada - Quebec AMF - Warning to investors, issuers and sponsors concerning Initial cryptocurrency or token offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/China - CSRC et al - 关于防范代币发行融资风险的公告.pdf" target="_blank">China - CSRC et al - 关于防范代币发行融资风险的公告.pdf</a> </li> <li> <td><a href="/library/ico-statements/Denmark - FSA - Statement about EU Authorities Consumer Warnings About Cryptocurrency.pdf" target="_blank">Denmark - FSA - Statement about EU Authorities Consumer Warnings About Cryptocurrency.pdf</a> </li> <li> <td><a href="/library/ico-statements/Dubai - DFSA - General Investor Statement on Cryptocurrencies.pdf" target="_blank">Dubai - DFSA - General Investor Statement on Cryptocurrencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/EU - ESMA - 20190109 - Crypto-assets need common EU-wide approach to ensure investor protection.pdf" target="_blank">EU - ESMA - 20190109 - Crypto-assets need common EU-wide approach to ensure investor protection.pdf</a> </li> <li> <td><a href="/library/ico-statements/EU - ESMA - Statement to Firms on Initial Coin Offerings.pdf" target="_blank">EU - ESMA - Statement to Firms on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/EU - ESMA - Statement to Investors on Initial Coin Offerings.pdf" target="_blank">EU - ESMA - Statement to Investors on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Europe - ESA - ESMA, EBA and EIOPA warn consumers on the risks of Virtual Currencies.pdf" target="_blank">Europe - ESA - ESMA, EBA and EIOPA warn consumers on the risks of Virtual Currencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/France - AMF - Analysis of trends in Initial Coin Offerings.pdf" target="_blank">France - AMF - Analysis of trends in Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/France - AMF - Discussion paper on Initial Coin Offerings and UNICORN programme.pdf" target="_blank">France - AMF - Discussion paper on Initial Coin Offerings and UNICORN programme.pdf</a> </li> <li> <td><a href="/library/ico-statements/Germany - BaFin - Advisory Letter on the Classification of Tokens as Financial Instruments.pdf" target="_blank">Germany - BaFin - Advisory Letter on the Classification of Tokens as Financial Instruments.pdf</a> </li> <li> <td><a href="/library/ico-statements/Germany - BaFin - Consumer warning the risks of initial coin offerings.pdf" target="_blank">Germany - BaFin - Consumer warning the risks of initial coin offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Gibraltar - GFSC - Legislation Pertaining to Digital Tokens.pdf" target="_blank">Gibraltar - GFSC - Legislation Pertaining to Digital Tokens.pdf</a> </li> <li> <td><a href="/library/ico-statements/Guernsey - GFSC - Statement on Virtual Currencies, Crypto Currencies and Initial Coin Offerings.pdf" target="_blank">Guernsey - GFSC - Statement on Virtual Currencies, Crypto Currencies and Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Hong Kong - SFC - Statement on initial coin offerings.pdf" target="_blank">Hong Kong - SFC - Statement on initial coin offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Hong Kong - SFC - Warning of Cryptocurrency Risks.pdf" target="_blank">Hong Kong - SFC - Warning of Cryptocurrency Risks.pdf</a> </li> <li> <td><a href="/library/ico-statements/Ireland - CBI - Alert on Initial Coin Offerings.pdf" target="_blank">Ireland - CBI - Alert on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Isle of Man - FSA - ICO guidance for applicants.pdf" target="_blank">Isle of Man - FSA - ICO guidance for applicants.pdf</a> </li> <li> <td><a href="/library/ico-statements/Isle of Man - FSA - Initial Coin Offerings Q&A for Investors.pdf" target="_blank">Isle of Man - FSA - Initial Coin Offerings Q&A for Investors.pdf</a> </li> <li> <td><a href="/library/ico-statements/Israel - ISA - 20190301 - Regulation of Decentralised Cryptographic Currency Issuance to the Public Final Report.pdf" target="_blank">Israel - ISA - 20190301 - Regulation of Decentralised Cryptographic Currency Issuance to the Public Final Report.pdf</a> </li> <li> <td><a href="/library/ico-statements/Israel - ISA - Exclusion of Cryptocurrency Companies from TASE Indices.pdf" target="_blank">Israel - ISA - Exclusion of Cryptocurrency Companies from TASE Indices.pdf</a> </li> <li> <td><a href="/library/ico-statements/Israel - ISA - Interim Report on Examination and Regulation of ICOs - Press Release - with Link to (Hebrew) Report.pdf" target="_blank">Israel - ISA - Interim Report on Examination and Regulation of ICOs - Press Release - with Link to (Hebrew) Report.pdf</a> </li> <li> <td><a href="/library/ico-statements/Israel - ISA - Warning to Investors Regarding Cryptocurrency Investments.pdf" target="_blank">Israel - ISA - Warning to Investors Regarding Cryptocurrency Investments.pdf</a> </li> <li> <td><a href="/library/ico-statements/Italy - CONSOB - 20190319 - Initial Coin Offerings and Crypto Assets Exchanges Call for Evidence.pdf" target="_blank">Italy - CONSOB - 20190319 - Initial Coin Offerings and Crypto Assets Exchanges Call for Evidence.pdf</a> </li> <li> <td><a href="/library/ico-statements/Japan - FSA - 20181221 - Report of the Study Group on Virtual Currencies.pdf" target="_blank">Japan - FSA - 20181221 - Report of the Study Group on Virtual Currencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/Japan - FSA - User and Business Operator Warning about the Risks of ICOs.pdf" target="_blank">Japan - FSA - User and Business Operator Warning about the Risks of ICOs.pdf</a> </li> <li> <td><a href="/library/ico-statements/Jersey - JFSC - ICO Guidance Note.pdf" target="_blank">Jersey - JFSC - ICO Guidance Note.pdf</a> </li> <li> <td><a href="/library/ico-statements/Jersey - JFSC - Warning on Initial Coin Offerings.pdf" target="_blank">Jersey - JFSC - Warning on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Kenya - CMA - Cautionary Statement on Initial Coin Offerings.pdf" target="_blank">Kenya - CMA - Cautionary Statement on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Korea - FSC - 20180123 - Financial Measures to Curb Speculation in Cryptocurrency Trading.pdf" target="_blank">Korea - FSC - 20180123 - Financial Measures to Curb Speculation in Cryptocurrency Trading.pdf</a> </li> <li> <td><a href="/library/ico-statements/Kuwait - CMA - Investment in Digital Currencies and Initial Offerings of Digital Assets.pdf" target="_blank">Kuwait - CMA - Investment in Digital Currencies and Initial Offerings of Digital Assets.pdf</a> </li> <li> <td><a href="/library/ico-statements/Liechtenstein - FMA - Faktenblatt zu virtuellen Währungen (auf Deutsch).pdf" target="_blank">Liechtenstein - FMA - Faktenblatt zu virtuellen Währungen (auf Deutsch).pdf</a> </li> <li> <td><a href="/library/ico-statements/Liechtenstein - FMA - Faktenblatt «Initial Coin Offering» (auf Deutsch).pdf" target="_blank">Liechtenstein - FMA - Faktenblatt «Initial Coin Offering» (auf Deutsch).pdf</a> </li> <li> <td><a href="/library/ico-statements/Macau - AMM - Alert to Risks of Virtual Commodities and Tokens.pdf" target="_blank">Macau - AMM - Alert to Risks of Virtual Commodities and Tokens.pdf</a> </li> <li> <td><a href="/library/ico-statements/Malaysia - Securities Commission Malaysia - Cautionary Statement on Initial Coin Offerings.pdf" target="_blank">Malaysia - Securities Commission Malaysia - Cautionary Statement on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Malaysia - Securities Commission Malaysia - Media Statement on Initial Coin Offerings.pdf" target="_blank">Malaysia - Securities Commission Malaysia - Media Statement on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Malta - MFSA - Consultation Regarding Regualtion of Virtual Financial Assets.pdf" target="_blank">Malta - MFSA - Consultation Regarding Regualtion of Virtual Financial Assets.pdf</a> </li> <li> <td><a href="/library/ico-statements/Malta - MFSA - Consultation with the Financial Services Industry with regards to the Virtual Financial Assets Regulations to be issued under the Virtual Financial Assets Act.pdf" target="_blank">Malta - MFSA - Consultation with the Financial Services Industry with regards to the Virtual Financial Assets Regulations to be issued under the Virtual Financial Assets Act.pdf</a> </li> <li> <td><a href="/library/ico-statements/Mexico - CNBV - Public Statement Concerning the Risks Arising from Investing in ICOs.pdf" target="_blank">Mexico - CNBV - Public Statement Concerning the Risks Arising from Investing in ICOs.pdf</a> </li> <li> <td><a href="/library/ico-statements/Netherlands - AFM - Initial Coin Offerings Serious Risks.pdf" target="_blank">Netherlands - AFM - Initial Coin Offerings Serious Risks.pdf</a> </li> <li> <td><a href="/library/ico-statements/New Zealand - FMA - Commentary on ICOs and cryptocurrencies.pdf" target="_blank">New Zealand - FMA - Commentary on ICOs and cryptocurrencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/New Zealand - FMA - Information regarding cryptocurrencies.pdf" target="_blank">New Zealand - FMA - Information regarding cryptocurrencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/Poland - KNF - Statement on selling socalled coins or tokens.pdf" target="_blank">Poland - KNF - Statement on selling socalled coins or tokens.pdf</a> </li> <li> <td><a href="/library/ico-statements/Portugal - CMVM - Warning for investors on Initial Coin Offerings.pdf" target="_blank">Portugal - CMVM - Warning for investors on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/Saudi Arabia - CMA - Warning to Investors Against Digital Currency Investment and CMA Involvement of High Monitoring, Security and Market Risks.pdf" target="_blank">Saudi Arabia - CMA - Warning to Investors Against Digital Currency Investment and CMA Involvement of High Monitoring, Security and Market Risks.pdf</a> </li> <li> <td><a href="/library/ico-statements/Singapore - MAS - A Guide to Digital Token Offerings - updated Nov 30 2018.pdf" target="_blank">Singapore - MAS - A Guide to Digital Token Offerings - updated Nov 30 2018.pdf</a> </li> <li> <td><a href="/library/ico-statements/Singapore - MAS - Halt of Security Token Offering for Regulatory Breach - January 24, 2019.pdf" target="_blank">Singapore - MAS - Halt of Security Token Offering for Regulatory Breach - January 24, 2019.pdf</a> </li> <li> <td><a href="/library/ico-statements/Singapore - MAS - Note of Caution to the Public about Investments in Cryptocurrencies.pdf" target="_blank">Singapore - MAS - Note of Caution to the Public about Investments in Cryptocurrencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/Singapore - MAS - Regulatory position on the offer of digital tokens in Singapore.pdf" target="_blank">Singapore - MAS - Regulatory position on the offer of digital tokens in Singapore.pdf</a> </li> <li> <td><a href="/library/ico-statements/Singapore - MAS - Warning Regarding Digital Token Exchanges and ICO Issuers.pdf" target="_blank">Singapore - MAS - Warning Regarding Digital Token Exchanges and ICO Issuers.pdf</a> </li> <li> <td><a href="/library/ico-statements/Slovenia - SMA - Warning concerning purchasing, storing and investing in virtual currencies.pdf" target="_blank">Slovenia - SMA - Warning concerning purchasing, storing and investing in virtual currencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/Spain - CNMV - Statement on Cryptocurrencies and ICOs for Market Professionals.pdf" target="_blank">Spain - CNMV - Statement on Cryptocurrencies and ICOs for Market Professionals.pdf</a> </li> <li> <td><a href="/library/ico-statements/Spain - CNMV and Banco de Espana - Joint Statement on Cryptocurrencies and ICOs.pdf" target="_blank">Spain - CNMV and Banco de Espana - Joint Statement on Cryptocurrencies and ICOs.pdf</a> </li> <li> <td><a href="/library/ico-statements/Switzerland - FINMA - ICO Guidelines.pdf" target="_blank">Switzerland - FINMA - ICO Guidelines.pdf</a> </li> <li> <td><a href="/library/ico-statements/Switzerland - FINMA - Press Release on ICOs.pdf" target="_blank">Switzerland - FINMA - Press Release on ICOs.pdf</a> </li> <li> <td><a href="/library/ico-statements/Thailand - SEC - Public Consultation Document on ICOs.pdf" target="_blank">Thailand - SEC - Public Consultation Document on ICOs.pdf</a> </li> <li> <td><a href="/library/ico-statements/Thailand - SEC - Viewpoint on ICOs.pdf" target="_blank">Thailand - SEC - Viewpoint on ICOs.pdf</a> </li> <li> <td><a href="/library/ico-statements/United Arab Emirates - SCA - Public Warning Statement on Initial Coin Offerings.pdf" target="_blank">United Arab Emirates - SCA - Public Warning Statement on Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/United Kingdom - FCA - Consumer Warning about the Risks of Initial Coin Offerings.pdf" target="_blank">United Kingdom - FCA - Consumer Warning about the Risks of Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/United Kingdom - FCA - Consumer warning about the risks of investing in cryptocurrency CFDs.pdf" target="_blank">United Kingdom - FCA - Consumer warning about the risks of investing in cryptocurrency CFDs.pdf</a> </li> <li> <td><a href="/library/ico-statements/United Kingdom - FCA - Discussion Paper on distributed ledger technology.pdf" target="_blank">United Kingdom - FCA - Discussion Paper on distributed ledger technology.pdf</a> </li> <li> <td><a href="/library/ico-statements/United Kingdom - FCA - Requirement for Firms Offering Cryptocurrency Derivatives to be Authorised.pdf" target="_blank">United Kingdom - FCA - Requirement for Firms Offering Cryptocurrency Derivatives to be Authorised.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - CFTC - Customer Advisory on Digital Tokens.pdf" target="_blank">United States - CFTC - Customer Advisory on Digital Tokens.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - CFTC - Press Release on Virtual Currency Resource Web Page.pdf" target="_blank">United States - CFTC - Press Release on Virtual Currency Resource Web Page.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - CFTC - Primer on Virtual Currencies.pdf" target="_blank">United States - CFTC - Primer on Virtual Currencies.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - CFTC - Proposed Interpretation on Virtual Currency “Actual Delivery” in Retail Transactions.pdf" target="_blank">United States - CFTC - Proposed Interpretation on Virtual Currency “Actual Delivery” in Retail Transactions.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - CFTC and SEC - Virtual Currencies The Oversight Role of the US SEC and the US CFTC (video presentation).pdf" target="_blank">United States - CFTC and SEC - Virtual Currencies The Oversight Role of the US SEC and the US CFTC (video presentation).pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - FINRA - Initial Coin Offerings Know Before You Invest.pdf" target="_blank">United States - FINRA - Initial Coin Offerings Know Before You Invest.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - FINRA - Warning on Cryptocurrency-Related Stock Scams.pdf" target="_blank">United States - FINRA - Warning on Cryptocurrency-Related Stock Scams.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - NASAA - Warning to Investors About Cryptocurrencies, Initial Coin Offerings and Other Cryptocurrency-Related Investment Products.pdf" target="_blank">United States - NASAA - Warning to Investors About Cryptocurrencies, Initial Coin Offerings and Other Cryptocurrency-Related Investment Products.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - SEC - 20190403 - Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets”.pdf" target="_blank">United States - SEC - 20190403 - Statement on “Framework for ‘Investment Contract’ Analysis of Digital Assets”.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - SEC - Investor Bulletin Initial Coin Offerings.pdf" target="_blank">United States - SEC - Investor Bulletin Initial Coin Offerings.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - SEC - Report of Investigation into the DAO.pdf" target="_blank">United States - SEC - Report of Investigation into the DAO.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - SEC - Statement on Cryptocurrencies and Initial Coin Offerings by SEC Chairman Jay Clayton.pdf" target="_blank">United States - SEC - Statement on Cryptocurrencies and Initial Coin Offerings by SEC Chairman Jay Clayton.pdf</a> </li> <li> <td><a href="/library/ico-statements/United States - SEC - Statement on Potentially Unlawful Promotion of Initial Coin Offerings and Other Investments by Celebrities and Others.pdf" target="_blank">United States - SEC - Statement on Potentially Unlawful Promotion of Initial Coin Offerings and Other Investments by Celebrities and Others.pdf</a> </li> </ul> </div> </div> </div> </div> </div> </div> <div id="footer" class="container-fluid"> <div class="container-xxl"> <div class="row"> <div class="col-sm-6 mt-2"> <div class="footer_links"> <a class="footer_link" href="/v2/about/?subsection=by-laws">By Laws</a><br> <a class="footer_link" href="/v2/about/?subsection=resolutions">Resolutions</a><br> <a class="footer_link" href="/v2/publications/?subsection=annual_reports">Annual Reports</a><br> <a class="footer_link" href="/about/?subsection=vacancies">Careers</a><br> <a class="footer_link" href="/v2/about/?subsection=terms-and-conditions">Copyright and Permissions</a><br> <a class="footer_link" href="/v2/about/?subsection=terms-and-conditions#disclaimers">Disclaimers</a><br> <a 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