In line with its stated intention to assist "innovative businesses" to understand the rules they need to follow when raising funds in Australia, ASIC yesterday released guidance for "initial coin offerings". ICOs are a way for developers of blockchain technology to raise development funds, but unlike shares, these are payments over the internet in virtual currencies and usually don't offer any investor protection, legal rights or claim to assets, ASIC's MoneySmart website warns. "ICOs are highly speculative investments, are mostly unregulated and the chance of losing your investment is high," ASIC Commissioner John Price said. "Consumers should understand the risks involved, including the potential for these products to be scams, before investing."