Ontario Securities Regulator Approves TokenFunder ICO
The Ontario Securities Commission is allowing startup Token Funder to launch a regulated initial coin offering (ICO) next month.
The Ontario Securities Commission (OSC) has given its blessing to an initial coin offering set to launch at the start of next month.
In a decision posted online Oct. 23, the OSC approved the token sale organized by TokenFunder, which is developing a platform for projects aiming to raise funds through coin sales of their own. The company is aiming to raise roughly $10 million, with the sale set to commence on Nov. 1.
Though not the first ICO in Canada to receive the blessing of a regulator, it is the first for the province of Ontario. It's also one that comes months after the OSC issued a public statement on the blockchain use case, declaring that that some offerings would trigger the agency's oversight.
In a statement to CoinDesk, the agency struck an optimistic tone about the approval, remarking:
As part of the legal framework surrounding the campaign, TokenFunder will be treating its coin offering as a security. Similarly, the token management platform the company will launch will be classifying future offerings as securities.
TokenFunder follows Quebec-based Impak Finance as one of the first companies in Canada to launch an ICO under the oversight of a provincial regulator.
Canadian flag on keyboard image via Shutterstock
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