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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