The<a href="https://www.cryptoknowmics.com/news/blockone-released-major-eosio-blockchain-software-update"> Australian Securities and Investments Commission (ASIC)</a>, which was formed to enforce and regulate laws to protect the investors, has become very serious about banning the several proposed<a href="https://www.cryptoknowmics.com/crypto/altcoin-records-continuous-explosion-in-spite-of-flawed-ico-history/"> initial coin offerings (ICOs)</a> or token generation events. Since its formation, in mid-2017, the ASIC has been issuing warnings to ICO’s investors to make them aware of the financial scams.
<h2>ASIC Serious About Banning ICOs</h2>
According to the report, although the ICOs are not banned in Australia but are regulated to Corporation Act 2001 and the Australian Securities and Investments Commission Act 2001.

On February 20, 2020, the executive chairman and co-founder of Perth-based blockchain start-up Power Ledger, Dr. Jemma Green, appeared in front of the Select Committee of Financial Technology and Regulatory Technology and requested them to<a href="https://www.zdnet.com/article/aussie-blockchain-startup-power-ledger-wants-changes-to-ico-tax-rules/#ftag=RSSbaffb68"> allow</a> ICOs to operate in Australia.
<h2>Power Ledger CEO Supports ICOs</h2>
While supporting ICO, Green said, “In the blockchain space, ICOs are a mechanism for funding the creation of technology platforms and development of blockchain businesses.” She also said that with the help of ICOs the world has raised the capital of more than $26 billion and out of that Australia has captured less than 1 percent of the value. Green mentioned that there are very fewer companies in Australia that have been benefited from that value and Power Ledger is one of those companies.

Green, while talking about tax regulation around ICOs, said that presently there has been a lot of irregularities in the tax system, but if the authorities set new regulations then it would be very helpful and not less than a miracle for her.

Green stated that in the future Australia might become the Googles and Facebooks of the<a href="https://www.cryptoknowmics.com/crypto/australian-advisory-firm-to-launch-250-mln-digital-securities-offering-for-mining-sector/"> blockchain sector</a> which could capture the bigger slice of the blockchain-market-proceeds pie. Power Ledger’s CEO further mentioned that the tax revenue generated from the companies would be rewarded for the Treasury.

A report suggested that in the year 2018, the Power Ledger was criticized because it was using bounty hunters to attract investors for its cryptocurrency.

Power Ledger Demands Changes In Tax Rules Of ICO

The executive chairman and co-founder of Power Ledger, Dr. Jemma Green, has requested the authorities to allow ICOs to operate in Australia.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Power Ledger Demands Changes In Tax Rules Of ICO

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