PT  - JOURNAL ARTICLE
AU  - Guenther Dobrauz-Saldapenna
AU  - Ulf Klebeck
TI  - Initial Coin Offering—<em>Legal and Regulatory Challenges of Crossing the Borders</em>
AID  - 10.3905/jai.2019.21.4.081
DP  - 2019 Mar 31
TA  - The Journal of Alternative Investments
PG  - 81--94
VI  - 21
IP  - 4
4099  - https://pm-research.com/content/21/4/81.short
4100  - https://pm-research.com/content/21/4/81.full
AB  - This article examines the challenges of initial coin offerings (ICOs) from a legal and regulatory perspective. As ICOs are issued subject to national regulations of countries and as currently international or even regional, harmonized regulatory frameworks as well as widely accepted definitions are lacking uncertainty and hence risk is high. As national lawmakers and regulators are working out how to deal with the new digital financial product, their sponsors, issuers, and providers, and this article maps the status quo and attempts to provide insight into possible approaches balancing the need for investor protection and avoidance of systemic risk build up while enabling innovation.TOPICS: Currency, exchanges/markets/clearinghouses, global, risk management