China's Central Bank Bans ICOs

Re:China's Central Bank Bans ICOs by igorgue on Monday September 04, 2017 @08:17AM (#15167680)

    You're still free to give your friend 10k for a startup.

Uh? As a gift but not an investment on his company, that's illegal if you're not accredited.

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Re:China's Central Bank Bans ICOs by kobeya on Monday September 04, 2017 @09:50AM (#15168208)

This is incorrect. Some unaccredited investments are allowed, and above certain thresholds it just triggers onerous reporting requirements. It is not illegal to make unaccredited investments. It is illegal to market/promote to unaccredited investors however.

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Re:China's Central Bank Bans ICOs by throwawaybbqed on Monday September 04, 2017 @08:58AM (#15167905)

What? I can't take 10K from my parents/friends and give them equity?

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Re:China's Central Bank Bans ICOs by rothbardrand on Monday September 04, 2017 @09:25AM (#15168047)

It's highly limited. If you have 300 friends you can't take $10k from each, unless they are accredited.

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Re:China's Central Bank Bans ICOs by vernon99 on Monday September 04, 2017 @02:39PM (#15170047)

This is why syndicates exist. Not a problem at all. Edit: not the only reason why they exist :) but a major one. To explain a bit more: syndicates allow you to consolidate multiple investors (not necessarily acredited) in an investment vehicle that then owns a chunk of stock in the company.

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Re:China's Central Bank Bans ICOs by girvo on Monday September 04, 2017 @09:24AM (#15168039)

Don't quote me on this, but there's a specific-ish exemption for family/friends if I recall correctly.

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Re:China's Central Bank Bans ICOs by nivertech on Monday September 04, 2017 @12:45PM (#15169329)

there are specific exemptions for family, for friends and for fools ;)

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