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Initial Coin Offering—Legal and Regulatory Challenges of Crossing the Borders

Guenther Dobrauz-Saldapenna and Ulf Klebeck
The Journal of Alternative Investments Spring 2019, 21 (4) 81-94; DOI: https://doi.org/10.3905/jai.2019.21.4.081
Guenther Dobrauz-Saldapenna
is a partner and leader of PwC Legal Switzerland in Zurich, Switzerland
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Ulf Klebeck
is general counsel at a Swiss asset manager in Baar, Switzerland
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Abstract

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.

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The Journal of Alternative Investments: 21 (4)
The Journal of Alternative Investments
Vol. 21, Issue 4
Spring 2019
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Initial Coin Offering—Legal and Regulatory Challenges of Crossing the Borders
Guenther Dobrauz-Saldapenna, Ulf Klebeck
The Journal of Alternative Investments Mar 2019, 21 (4) 81-94; DOI: 10.3905/jai.2019.21.4.081

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Initial Coin Offering—Legal and Regulatory Challenges of Crossing the Borders
Guenther Dobrauz-Saldapenna, Ulf Klebeck
The Journal of Alternative Investments Mar 2019, 21 (4) 81-94; DOI: 10.3905/jai.2019.21.4.081
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  • Article
    • Abstract
    • ICO AS AN ILLUSTRATIVE EXAMPLE OF THIS CHALLENGE
    • REGULATORY RESPONSES TO ICOS—CURRENT STATE OF PLAY IN KEY JURISDICTIONS
    • LEGAL CHALLENGES OF CROSS-BORDER ICOs
    • CONCLUSION
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