Canadian Securities Administrators on Cryptocurrencies Offerings

The primary securities regulator in Canada has released an initial statement on ICOs that largely mirrors that of their SEC neighbors to the south. They note that, "Securities laws in Canada will apply if the person or company selling the securities is conducting business from within Canada or if there are Canadian investors". This presents an interesting question - if a token sale is created by individuals outside of Canada who never markets to Canadians but also don't prohibit them from investing, could they be held liable? How would enforcement work? 


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