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Flectional

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20/06/20

17:32

Post #: 45345404
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Originally posted by pangu: ↑

The last s tockhead-article explains animoca's delisting from the asx:
"ASX nervous about cryptoAnimoca fell foul of the ASX’s dislike of companies raising funds via cryptocurrencies.It raised $US2.01m ($2.9m) in cash and crypto via a Simple Agreement for Future Equity (SAFE) security and presold utility tokens sold via its gaming subsidiary TSB Gaming in the September quarter last year.The money, largely cash with a small proportion from cryptocurrency to be used to fund another subsidiary, was released just after the company was delisted.The ASX has delisted other companies, like Byte Power and First Growth Funds, from the market which were dabbling in crypto.The market operator is relying on guidance from ASIC that many initial coin offers (ICO) and crypto assets are likely to be managed investment funds at worst, and therefore need an Australian Financial Services Licence (AFSL).“ASX is aware of … law firms providing advice that tokens … are not a financial product … The examples ASX has seen … do not appear to have considered all of the issues involved in this complex question … in particular whether or not the ICO or IEO involves an offer of an interest in a managed investment scheme,” the market operator said last year.Animoca’s Siu blamed Australian regulations for being too vague around crypto and what could and couldn’t be done.He told * the ASX had problems with whether Animoca was complying with listing rules in August 2019, but didn’t say it wasn’t allowed to raise money in the fashion that it did.Siu said Animoca had addressed the governance issues raised by the ASX and in spite of advice from “multiple” law firms, “in the end it wasn’t enough”
https://**promotion blocked**/tech/animoca-lists-subsidiary-on-nsx-after-being-booted-from-asx/

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Awesome post and research Pangu....many thanks - didnt think the ASX were being clear enough in their governance and Yat did his utmost with the BOD to satisfy the requirements as stated....Loss to all parties concerned I think....Primary Markets here we come lol...till further announcements

AB1 Price at posting: 18.0¢ Sentiment: Hold Disclosure: Held
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