Regulatory Framework for Token Sales: An Overview of Relevant Laws and Regulations in Different Jurisdictions

Primavera de Filippi (1) , Benedikt Schuppli , Constance Choi , Carla Reyes , Nikita Divissenko , Xavier Lavayssière , Francesco Dagnino , Marcus C Funke , Frank Bierwirth , Thomas Müller (2) , Max von Cube , Axel Schiemann , Jiong Sheng , Gianna Abegg , Nathan Kaiser , Jackie Yang

1 CERSA - Centre d'études et de recherches de science administrative
2 MPE - Max-Planck-Institut für Extraterrestrische Physik

This report examines the current regulatory landscape and recent legal developments concerning the regulation of blockchain-based token sales, commonly referred to as initial coin offerings (ICOs). This complex and constantly evolving regulatory landscape poses serious legal and operational challenges to practitioners and companies that desire to utilize the mechanism of an ICO for its perceived benefits: as a powerful new mechanism for alternative funding of blockchain-based networks or applications, and as an accessible tool for community building and global engagement. The goal of the report is to orient the reader in the current legal treatment of ICOs across a variety of key jurisdictions in North America, Asia, and Europe. Through a comparative analysis of existing regulations, this report underlines the critical need for international cooperation in the nascent blockchain ecosystem to produce healthy policy and market outcomes.

Mots clés: blockchain; regulation; ico; token sale

Domaines: Droit

Primavera de Filippi, Benedikt Schuppli, Constance Choi, Carla Reyes, Nikita Divissenko, et al.. Regulatory Framework for Token Sales: An Overview of Relevant Laws and Regulations in Different Jurisdictions. [Research Report] Blockchain Research Institute and COALA. 2018. ⟨hal-02046797⟩