Initial Coin Offerings in Europe – The Current Legal Framework and its Consequences for Investors and Issuers

2020 ◽  
Author(s):  
Fiona Steverding ◽  
Alexander Zureck
Keyword(s):  
Legal Framework ◽  
Initial Coin Offerings

scholarly journals Factors of Success of Initial Coin Offering. Empirical Evidence from 2016–2019

2019 ◽  
Vol 23 (5) ◽  
pp. 30-49 ◽  
Author(s):  
A. S. Myalo ◽  
N. Yu. Glukhov
Keyword(s):  
Venture Capital ◽  
Empirical Evidence ◽  
Model Evaluation ◽  
Legal Framework ◽  
Econometric Analysis ◽  
Weak Signals ◽  
Almost All ◽  
Initial Coin Offerings ◽  
Factors Of Success

Since 2013, Initial Coin Offerings (ICO) have allowed companies to attract financing with the help of cryptocurrencies. Statistics of ICO shows that the ICO market is increasing and demand for funds continues to grow with claims of over $ 15 billion raised in the first half of 2018. The increasing volumes of investment in ICO projects as an alternative method to venture capital or IPO are caused by, for example, the possibility of reselling the received tokens at a higher price after the launch of the project or obtaining the company’s services at lower prices. While the importance of the topic is growing, there is the absence of fundamental works emphasizing the determinants of an ICO’s success. The scientific novelty of the forthcoming research consists in the formation of the model evaluation of ICO success. Using econometric analysis based on data for 1392 projects, we show that the volatility of the main cryptocurrencies has a significant impact on the success of ICO. The constraints of the platform for Smart Contacts (ERC-20) and dependence on the Ethereum volatility overcome all other factors. Our data contributes to existing literature and shows the insignificance e of the sector of the project, almost all location region and fl of infl e of quality of the team. This result may be explained by the uncertainty of the investor about the project (weak signals), absence of the regulation and legal framework. This result is beneficial for owners of companies since it is an argument for decreasing costs for marketing.

scholarly journals Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty

2019 ◽  
Vol 12 (3) ◽  
pp. 126 ◽  
Author(s):  
Douglas J. Cumming ◽  
Sofia Johan ◽  
Anshum Pant
Keyword(s):  
Legal Framework ◽  
Regulatory Agencies ◽  
Government Agencies ◽  
Mass Collaboration ◽  
Regulatory Uncertainty ◽  
Distributed Ledger ◽  
Distributed Ledger Technology ◽  
Regulatory Frameworks ◽  
Asset Class ◽  
Initial Coin Offerings

Distributed ledger technology, also known as the blockchain, is gaining traction globally. Blockchain offers a secure validation mechanism and decentralized mass collaboration. Cryptocurrencies make use of this technology as a new asset class for investors worldwide. Cryptocurrencies are being used by companies to raise capital via initial coin offerings (ICOs). The substantial inflow of unregulated capital into a transactional and transnational industry has aroused interest from not just investors, but also national securities and monetary regulatory agencies. In this paper, we review the Security and Exchange Commission’s initial statements and subsequent pronouncements on ICO’s to illustrate the potential problems with applying an older legal framework to an ever-evolving ecosystem. Recognizing the inability of enforcement within existing regulatory frameworks, we discuss the importance of regulation of the crypto asset class and internal collaboration between government agencies and developers in the establishment of an ecosystem that integrates investor protection and investments.

Еnforcement of Property Rights and Conractual Obligations

2003 ◽  
pp. 83-100 ◽  
Author(s):  
A. Radygin ◽  
R. Entov
Keyword(s):  
Property Rights ◽  
Legal Framework ◽  
Economic Consequences ◽  
Theoretical Approaches ◽  
Contractual Obligations ◽  
Regional Authorities ◽  
Practical Recommendations

The paper deals with theoretical approaches to the problems of property rights and contractual obligations and with analysis of economic consequences of the imperfect enforcement system. In particular, the authors consider Russian experience in the sphere of corporate conflicts. Legal and practical recommendations related to the improvement of legal framework, judiciary reform, executory process and different federal and regional authorities are also presented.

Determinants and barriers of PV self-consumption in Spain from the perception of the installers for the promotion of distributed energy systems

2020 ◽  
pp. 153-169
Author(s):  
José Ángel Gimeno ◽  
Eva Llera Sastresa ◽  
Sabina Scarpellini
Keyword(s):  
European Union ◽  
Energy Transition ◽  
Legal Framework ◽  
Low Carbon ◽  
The European Union ◽  
Distributed Energy ◽  
Sustainable Solutions ◽  
Highly Sensitive ◽  
Transition Scenario

Currently, self-consumption and distributed energy facilities are considered as viable and sustainable solutions in the energy transition scenario within the European Union. In a low carbon society, the exploitation of renewables for self-consumption is closely tied to the energy market at the territorial level, in search of a compromise between competitiveness and the sustainable exploitation of resources. Investments in these facilities are highly sensitive to the existence of favourable conditions at the territorial level, and the energy policies adopted in the European Union have contributed positively to the distributed renewables development and the reduction of their costs in the last decade. However, the number of the installed facilities is uneven in the European Countries and those factors that are more determinant for the investments in self-consumption are still under investigation. In this scenario, this paper presents the main results obtained through the analysis of the determinants in self-consumption investments from a case study in Spain, where the penetration of this type of facilities is being less relevant than in other countries. As a novelty of this study, the main influential drivers and barriers in self-consumption are classified and analysed from the installers' perspective. On the basis of the information obtained from the installers involved in the installation of these facilities, incentives and barriers are analysed within the existing legal framework and the potential specific lines of the promotion for the effective deployment of self-consumption in an energy transition scenario.

Legal framework for improvement of agroecology by cultivating jerusalem artichoke

2020 ◽  
pp. 59-66
Author(s):  
Mykhailo Kosmii ◽  
Vasyl. Kasiianchuk ◽  
Ruslan Zhyrak ◽  
Ivan Krykhovetskyi
Keyword(s):  
Environmental Protection ◽  
Organic Farming ◽  
Alternative Energy ◽  
Building Materials ◽  
Environmental Law ◽  
Jerusalem Artichoke ◽  
Legal Framework ◽  
Legal Regulation ◽  
Practical Application ◽  
Scientific Cognition

The purpose of this paper is to analyze and research the legal mechanisms which make it possible to improve agroecology through the organization of cultivation of Jerusalem artichoke.Methodology. The methodology includes comprehensive analysis and generalization of available scientific, theoretical, practical and applied material and development of relevant conclusions and recommendations. During the research, the following methods of scientific cognition were used: dialectical, terminological, historical and legal, logical and normative, systemic and structural, functional, normative and dogmatic, generalization methods. Results. The process of analysis and research highlighted the possibilities of cultivating Jerusalem artichoke for improving agroecology, namely improving the ecological state of the atmosphere air and soil, preparing them for organic farming. The article contains examples of practical application of tubers of Jerusalem artichoke and herbage for the production of therapeutic and prophylactic products, alternative energy and highly efficient building materials. Scientific novelty. The study found that the authors summarized and systematized the levels of legal regulation in the field of using Jerusalem artichoke for improving agroecology, preparing soil for organic farming, in particular: the inter-sectoral level which covers the interaction of agricultural and environmental law in terms of cultivation and use of Jerusalem artichoke; the level of integrated environmental and legal regulation; level of individual resource (floristic) legal regulation; the level of environmental protection (anthropoprotection) legislation.Practical importance. The results of the study can be used in law-making and environmental protection activities related to issues of cultivating and using the Jerusalem artichoke as a means of improving agroecology.

Social and political dimension of stigmatization: The development of Natasha and Maria images for immigrants in Istanbul

2016 ◽  
Vol 13 (1) ◽  
pp. 159-168
Author(s):  
Bayram Unal
Keyword(s):  
Public Perception ◽  
Daily Life ◽  
Legal Framework ◽  
State Law ◽  
Migrant Women ◽  
Political Dimension ◽  
Security Forces ◽  
Official Discourse ◽  
The Third ◽  
The Impact

This study aims at understanding how the perceptions about migrants have been created and transferred into daily life as a stigmatization by means of public perception, media and state law implementations.  The focus would be briefly what kind of consequences these perceptions and stigmatization might lead. First section will examine the background of migration to Turkey briefly and make a summary of migration towards Turkey by 90s. Second section will briefly evaluate the preferential legal framework, which constitutes the base for official discourse differentiating the migrants and implementations of security forces that can be described as discriminatory. The third section deals with the impact of perceptions influential in both formation and reproduction of inclusive and exclusive practices towards migrant women. Additionally, impact of public perception in classifying the migrants and migratory processes would be dealt in this section.

PROSPECTS FOR THE DEVELOPMENT OF THE LEGAL MECHANISM FOR THE FUNCTIONING OF PAYMENT SYSTEMS

2020 ◽  
Vol 13 (3) ◽  
pp. 079-084
Author(s):  
ELIZAVETA SALINA ◽  
Keyword(s):  
Legal Framework ◽  
Legal Regulation ◽  
Payment System ◽  
State University ◽  
Payment Systems ◽  
Proper Functioning ◽  
Money Transfer ◽  
Level Of Significance ◽  
Transfer Services ◽  
Legal Mechanism

1 Lomonosov Moscow State University, Moscow, Russia The presented research reveals an approach to the construction of a legal mechanism for the functioning of payment systems. The proposed approach is based on the application of the principles of legal regulation. The purpose of a work is to determine the existing legal mechanism for the functioning of payment systems, identify its drawbacks and propose a new approach to legal regulation to ensure the proper functioning of payment systems. The proposed approach to legal regulation takes into account the specifics of the functioning of payment systems, which consists in the presence of three elements in its activities: institutional, procedural and organizational. These elements reflect the subject structure of the payment system, the process of providing money transfer services by them, and the ways in which payment system entities interact during providing payment services. Each of the elements must be defined within the legal framework of the payment system to ensure its proper functioning. The proposed principles of legal regulation take into account the features of these elements, in particular, the principles are classified into three groups, depending on the element they affect. The paper describes ways to implement the principles in the legal mechanism: the possibility of their direct application, depending on the type of significance of the payment system, is analyzed. It is also concluded that the implementation of the principles in the legal mechanism will reduce the regulatory burden on payment systems by using an approach depending on the level of significance of the payment system. The paper defines the role of the principles, which is that the principles allow to eliminate the legal gaps in the legislation on the national payment system, and prevent the emergence of new gaps.

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