In a wide-ranging statement on initial coin offerings (ICOs), Canada Securities Administrators (CSA) – an umbrella group composed of the country's regional and local securities watchdogs – has provided guidance on how regulatory bodies plan to oversee this emerging funding model. It encourages businesses with proposed ICOs to contact their local securities regulatory authority to discuss approaches for complying with securities laws, and notes that when assessing whether securities laws would apply the focus will be on “substance over form".