The Regulation Paradox Of Initial Coin Offerings
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The Regulation Paradox Of Initial Coin Offerings
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Author : Alfred Zhang
language : en
Publisher:
Release Date : 2019
The Regulation Paradox Of Initial Coin Offerings written by Alfred Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Compared to initial public offerings (IPOs) that are sales of company ownerships, and loans that are sales of debt claims, initial coin offerings (ICOs) are sales of promises of cryptocurrency appreciation. However, regulatory uncertainties continue to prohibit successful widespread adoption. This paper examines ICOs with varying levels of success, including Mastercoin (now Omni) and Kin, as well as fraudulent ICOs, like REcoin and OneCoin. The discussion of the benefits and flaws within the ICO market examines regulatory challenges concerning risks transferred to investors through information asymmetry, while questioning the ability of regulations to enhance investor protection mechanisms without undermining the fundamental value of cryptocurrencies and ICOs as a viable funding structure.
A Critical Appraisal Of Initial Coin Offerings
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Author : Dominika Nestarcova
language : en
Publisher: BRILL
Release Date : 2019-09-02
A Critical Appraisal Of Initial Coin Offerings written by Dominika Nestarcova and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-02 with Law categories.
A Critical Appraisal of Initial Coin Offerings: Lifting the “Digital Token’s Veil” examines the merits of regulating initial coin offerings under traditional securities regulations and provides and in-depth analysis of digital tokens as a new asset class.
A Behavioral Economics Approach To Regulating Initial Coin Offerings
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Author : Nathan Sherman
language : en
Publisher:
Release Date : 2019
A Behavioral Economics Approach To Regulating Initial Coin Offerings written by Nathan Sherman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Part I of this Note provides a brief background of cryptocurrencies and ICOs. Part II examines historical speculative bubbles and argues that the ICO market is a speculative bubble. Part III explores characteristics of those who invest in bubbles as well as the psychological biases that those investors may encounter. It presents psychological arguments for market behavior in an effort to counter the neoclassical economic claims for why a bubble cannot occur and identifies two distinct types of investors in ICOs--the smart money investors and noise traders. Part IV discusses the limited regulations currently governing the ICO market. Finally, Part V argues that an asymmetrically paternalistic regulatory scheme is the most fitting way to regulate the ICO market. Part V does not provide a comprehensive regulatory framework; rather, it argues for light-touch regulation of ICOs and offers examples for how to implement such regulation.
Understanding Initial Coin Offerings
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Author : Dmitri Boreiko
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-03-14
Understanding Initial Coin Offerings written by Dmitri Boreiko and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-14 with Business & Economics categories.
Delving into the comprehensive evolution of Initial Coin Offerings (ICOs), this innovative book traces their origins and transition into modern forms such as Security Token Offerings, Initial Exchange Offerings, Initial DEX Offerings, and Non-Fungible Tokens. It provides an in-depth analysis of the factors behind the appeal of ICOs, the complex ecosystem surrounding them, and the key developments within the blockchain and cryptocurrency space.
Initial Coin Offerings Icos
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Author : Usman W. Chohan
language : en
Publisher:
Release Date : 2017
Initial Coin Offerings Icos written by Usman W. Chohan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
Initial Coin Offerings (ICOs) provide rapid access to capital for new ventures, but suffer from drawbacks relating to non-regulation, considerable risk, and non-accountability, which has created controversy and raised questions about the mechanisms for regulation in an era of emergent cryptocurrencies. This discussion paper provides a timely review of the regulatory and other risks that ICOs pose for participants, which thereby situates ICOs in the underexplored domain of accountability.
Understanding Initial Coin Offerings
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Author : DMITRI. BOREIKO
language : en
Publisher:
Release Date : 2024-03-28
Understanding Initial Coin Offerings written by DMITRI. BOREIKO and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-28 with categories.
Delving into the comprehensive evolution of Initial Coin Offerings (ICOs), this innovative book traces their origins and transition into modern forms such as Security Token Offerings, Initial Exchange Offerings, Initial DEX Offerings and Non-Fungible Tokens. It provides an in-depth analysis of the factors behind the appeal of ICOs, the complex ecosystem surrounding them, and the key developments within the blockchain and cryptocurrency space. Countering common misconceptions such as equating ICOs with fraud, Dmitri Boreiko emphasizes the need for robust regulation in the field. Chapters explore the economics of ICOs, offer practical research guidance and navigate the complexities of ICO regulation. The book concludes by highlighting emerging mechanisms in blockchain fundraising, focusing on the increased security, transparency, and flexibility of newer mechanisms. Concise and incisive, this is a timely read for economics students focusing on ICOs and blockchain applications, as well as fintech more broadly. Written in an accessible style, blockchain practitioners, investors and entrepreneurs, and start-ups in tech will also find this to be an interesting read.
Regulation Of Initial Coin Offerings
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Author : Philipp Maume
language : en
Publisher:
Release Date : 2019
Regulation Of Initial Coin Offerings written by Philipp Maume and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Initial Coin Offerings (ICOs) are currently the hottest topic in the financial markets. They typically use blockchain technology to offer so-called 'tokens' that can confer various rights. Experts estimate that the amount of money raised via ICOs will reach US$ 20 billion by the end of 2018. Commentators have described the ICO bonanza as a new gold rush. Nevertheless, the legal framework for ICOs remains unclear because traditional securities regulation is designed for classical securities that are traded on a stock exchange. In late 2017, the US Securities and Exchange Commission released two statements that highlighted that tokens may be subject to US securities regulation if they meet the requirements for 'investment contract' as laid out in the Howey test. However, regulators in Asia and Europe remain quite vague on the issue. In this article we analyze the legal framework for ICOs in the European Union. It is our view that investment tokens (including hybrid tokens with some investment functions) are 'transferable securities' under Directive 2014/65/EU on Markets in Financial Instruments. Despite resting on a highly dissimilar definition, the financial markets law of the European Union, if applied correctly, applies to token classifications - this is comparable with the US Securities and Exchange Commission's approach. The result would be a similar framework in two of the most vibrant regions for ICOs. It would be a first step towards a harmonized application of securities laws to ICOs, avoiding regulatory patchwork and a possible 'race to the bottom'
Initial Coin Offerings A Primer The First Response Of Regulatory Authorities
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Author : Marco Dell'Erba
language : en
Publisher:
Release Date : 2018
Initial Coin Offerings A Primer The First Response Of Regulatory Authorities written by Marco Dell'Erba and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
In recent decades, financial markets have undergone many significant transformations. Recently, Initial Coin Offerings (ICOs) emerged as a disruptive trend as part of the broader ecosystem of the so-called Fintech and blockchain. ICOs are a revolutionary tool for capital formation, and are contributing to disintermediate financial markets. After a brief analysis on what ICOs are, how they work and how they evolved, this paper focuses on the first responses implemented by regulatory authorities (in particular securities regulators), highlighting their criticalities and the potential alternatives. This paper is with a view to promoting a more functional approach of the regulatory authorities, which are challenged like never before by the urgency of the regulatory issues emerging from the exponential growth of technology.
Regulating Initial Coin Offerings A Taxonomy Of Crypto Assets
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Author : Jens Lausen
language : en
Publisher:
Release Date : 2019
Regulating Initial Coin Offerings A Taxonomy Of Crypto Assets written by Jens Lausen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
In 2017, the price of bitcoin skyrocketed and many investors wanted to participate in the crypto-hype. Hence, a lot of companies took the new opportunity to obtain financing by issuing crypto-assets in initial coin offerings instead of going the heavily regulated way through venture capital or initial public offerings. Besides valuable projects, many projects fail or turn out to be a scam. Retail investors are not aware of the potentially high risks of ICO investments. Regulators of most jurisdictions have not yet proposed new rules, but monitor the new phenomenon to gain insights. Many regulators stick to regulation in place and pursue case-by-case assessments in order to apply existing rules. This paper develops a taxonomy of crypto-assets based on academic literature and empirical data. The taxonomy covers embodied investor rights, security-like characteristics, and crypto-specific features being able to support regulators with their case-by-case assessment. The taxonomy helps regulators to classify crypto-assets allowing them to decide which characteristics are subject to regulation and whether new rules are necessary to ensure market integrity and investor protection. Further, the taxonomy is also designed to support issuers with the design of new crypto-assets helping them to understand which characteristics might be subject to regulation.
Governance In The Absence Of Regulation
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Author : William C. Johnson
language : en
Publisher:
Release Date : 2019
Governance In The Absence Of Regulation written by William C. Johnson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
We examine whether the market for ICOs can alleviate asymmetric information and incentive problems through self-imposed governance mechanisms despite the limited regulation in this market. We propose what we call the substitution hypothesis which states that market forces incentivize ICO issuers to voluntarily adopt governance mechanisms which effectively bind their behavior as a substitute for regulatory involvement. The substitution hypothesis also predicts that these voluntarily adopted governance mechanisms lead to lower underpricing, better ex-post performance, higher ICO success and more efficient price discovery in the secondary market. We find comprehensive empirical support for the substitution hypothesis. Our results suggest that these governance mechanisms help to make ICOs a viable and innovative method of financing.