During the last year, ICOs have exploded and became an increasingly popular method of fundraising for start - ups and other companies with the intention to fund innovative projects based on the Blockchain technology.

Although, specific regulatory framework does not yet exist for ICOs, this does not mean that the market for ICOs is not regulated through other various laws in place.

Regulators are applying existing securities and financial market legislation to ICOs and issue guidelines as to the risks involved and the applicability of such laws on ICOs.

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