There is another big step towards market regulation. Canada following US and Singapore claims that any coin during ICO/ITO to be security. Staff Notice 46-307 issued by Canadian Securities Administrators reveals that many of the digital tokens investigated by regulators in Canada fall under the definition of a security, thereby triggering a range of legal requirements.
This means that Canada closed their boarders to almost all ICO campaigns. Will it affect behavior of Canadian cryptoenthusiasts? (Opinion of Canadian and US residents are highly appreciated).
What country is next to regulate ICO?
As a canadian, I don't personally feel threatened by this. Governments will always try and stick their noses into things they do not or cannot fully understand. I think the big thing that would be affected by it if it does ever pass into law, would be the exchanges that host the ICO/IPO's. Look at New York and how the laws passed by them on cryptocurrency (Bitlicense I believe it's called) have affected the exchanges and the users within New york. Some have gone as far as IP blocking NYC citizens from using their exchanges, or a warning page agreeing that you are not living in the state.
Naturally this doesn't
really affect them too much, VPN's and other loopholes/means to access and use the platforms exist, but I think the point is that world governments are starting to notice us, and if they are starting to place regulations around buying and selling, ICO's/IPO's, etc., then imagine another 5 years down the road. I think for now, there is not much to worry about, but in time we could face real problems. Governments everywhere have a tendency to get their greasy fingers into stuff they shouldn't...
Mistercoin--
Are there any precedents of punishment in Canada for breaking laws on crypto market?