| Publication type: | Book part |
| Type of review: | Editorial review |
| Title: | Crowdfunding and initial coin offerings |
| Authors: | Ayer, Jean-Marie Pasquier, Bruno |
| et. al: | No |
| DOI: | 10.4324/9780429200427-10 |
| Published in: | The Economics of Cryptocurrencies |
| Editors of the parent work: | Munoz, Mark J. Frenkel, Michael |
| Page(s): | 57 |
| Pages to: | 63 |
| Issue Date: | 2020 |
| Publisher / Ed. Institution: | Routledge |
| Publisher / Ed. Institution: | London |
| ISBN: | 9780429200427 |
| Language: | English |
| Subject (DDC): | 332: Financial economics 349: Comparative law and foreign law |
| Abstract: | This chapter argues that blockchain technology enables start-ups and small and medium-sized companies to raise funds from a multitude of investors on a peer-to-peer basis without the involvement of an intermediary. It discusses the phenomenon of initial coin offerings (ICO), illustrates with concrete examples, and reviews the legal framework governing ICOs. Using the potential of distributed ledger technologies, ICOs have emerged as a novel mechanism for financing entrepreneurial ventures. One of the main challenges related to the legal regulation of ICOs is the functional diversity of the tokens issued in crowdfunding campaigns. Tokens can be linked to different types of rights, such as membership rights or property rights. A key aspect regarding the financial market regulations of ICOs is whether the tokens qualify as securities. A fundamental problem for the said qualification lies in the different definitions, depending on the applicable jurisdictions. |
| URI: | https://digitalcollection.zhaw.ch/handle/11475/21885 |
| Fulltext version: | Published version |
| License (according to publishing contract): | Licence according to publishing contract |
| Departement: | School of Management and Law |
| Organisational Unit: | Institute of Enterprise Law (IUR) |
| Appears in collections: | Publikationen School of Management and Law |
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Ayer, J.-M., & Pasquier, B. (2020). Crowdfunding and initial coin offerings. In M. J. Munoz & M. Frenkel (Eds.), The Economics of Cryptocurrencies (pp. 57–63). Routledge. https://doi.org/10.4324/9780429200427-10
Ayer, J.-M. and Pasquier, B. (2020) ‘Crowdfunding and initial coin offerings’, in M.J. Munoz and M. Frenkel (eds) The Economics of Cryptocurrencies. London: Routledge, pp. 57–63. Available at: https://doi.org/10.4324/9780429200427-10.
J.-M. Ayer and B. Pasquier, “Crowdfunding and initial coin offerings,” in The Economics of Cryptocurrencies, M. J. Munoz and M. Frenkel, Eds. London: Routledge, 2020, pp. 57–63. doi: 10.4324/9780429200427-10.
AYER, Jean-Marie und Bruno PASQUIER, 2020. Crowdfunding and initial coin offerings. In: Mark J. MUNOZ und Michael FRENKEL (Hrsg.), The Economics of Cryptocurrencies. London: Routledge. S. 57–63. ISBN 9780429200427
Ayer, Jean-Marie, and Bruno Pasquier. 2020. “Crowdfunding and Initial Coin Offerings.” In The Economics of Cryptocurrencies, edited by Mark J. Munoz and Michael Frenkel, 57–63. London: Routledge. https://doi.org/10.4324/9780429200427-10.
Ayer, Jean-Marie, and Bruno Pasquier. “Crowdfunding and Initial Coin Offerings.” The Economics of Cryptocurrencies, edited by Mark J. Munoz and Michael Frenkel, Routledge, 2020, pp. 57–63, https://doi.org/10.4324/9780429200427-10.
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