The FSRA noted that ICOs do not always fit into existing regulatory classifications and urged market participants using ICOs to approach FSRA as early as possible in their fundraising lifecycle to determine a proportionate and appropriate treatment within the regulatory regime.
The guidance outlines the regulatory treatment of tokens deemed to be securities as well as when they are not deemed to be securities. Furthermore, the document advises potential investors to exercise extreme caution before committing any funds in unregulated.
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