In a previous life, I sold Antarctica Currency. “The World’s Most Beautiful $1 Bill”.
Currency collectors knew that there was no mint issuing this, that you couldn’t buy anything with this and that they were being produced in limited quantities, so that they could potentially hold value as art - not as spendable currency. However, the general public is quite another matter entirely.
There seems to be a lot of parallels between Antarctica Currency an ICO’s.
Caveat Emptor - let the buyer beware, seems prudent.
I think there needs to be general guidance to the masses about the speculative nature, what makes one offering higher risk than another, and general investment advice about how these things work, likelihood of making money, and so on.
The FCA statement is like a postcard filled with advice. You come away knowing you should get more knowledge, but not much about where, how, how much and the like.
I think guidance can be good. But that’s not the same thing as criminalization or even regulation.