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:
“It is important that we continue to foster innovative new ways to raise capital and invest, and this announcement is a testament to the dedicated support we are providing in this space.”
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.