Ontario Securities Regulator approves TokenFunder

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In a decision published on the Internet on October 23, the OSC approved the token sale organized by TokenFunder, which is developing a platform for projects aimed at raising funds through its own coins. The company intends to attract about $10 million, and the sale will begin on November 1.

Although not the first ICO in Canada to receive the blessing of a regulator, it is the first for the province of Ontario. This is also one of them, which comes a few months after the OSC published a public statement on the precedent of the blockchain, saying that some offerings could provoke agency’s oversight.

In its statement, the agency expressed an optimistic tone about the approval, noting the importance of promoting innovative new ways of attracting capital and investment. Within the legal framework associated with the campaign, TokenFunder will consider its offer of coins as a security. Similarly, the token management platform that the company will launch will be classifying future offerings as securities.

TokenFunder follows the Impak Finance company of Quebec as one of the first companies in Canada to launch an ICO under the control of the state regulator.