The increasing popularity of initial coin offerings (ICOs) combined with the predominantly hands-off approach taken by global regulators to date, has contributed to unease among commentators about the level of protection currently afforded to ICO investors.  In an effort to clarify the regulatory landscape applying to ICOs, the Australian Securities and Investments Commission (ASIC) recently published a guidance statement (ASIC Guidance)[1] about when ICOs may be subject to current Australian securities laws.