Initial Coin Offering, known as “ICO”, is a

relatively new phenomenon in the crowdfunding industry being the main subject

of discussion in the Blockchain and financial communities.

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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