The Regulation of Initial Coin Offerings, Virtual Assets and Virtual Asset Service Providers

15 Pages Posted: 25 Oct 2021

See all articles by Daniel Broby

Daniel Broby

Ulster University

Catalina Quimbayo

University of Strathclyde - Centre for Financial Regulation and Innovation

Date Written: March 31, 2021

Abstract

We examine the regulation of virtual and digital assets as stored and transmitted over the Internet by blockchain. We do this in the context of how funds are raised from the public through Initial Coin Offerings. Our paper includes the regulation of the infrastructure provided by Virtual Asset Service Providers. In particular, we investigate the primary and secondary markets of Initial Coin Offerings by such entities. We find that there is considerable ambiguity in existing legislation within and across jurisdictions. We make recommendations in respect of both securities law and consumer law. We conclude that investors would be better protected by greater regulation of Initial Coin Offerings that promote virtual assets. We provide recommendations for appropriate regulation in both primary and secondary markets, as well as under consumer and securities law.

Suggested Citation

Broby, Daniel and Quimbayo, Catalina Velandia, The Regulation of Initial Coin Offerings, Virtual Assets and Virtual Asset Service Providers (March 31, 2021). Available at SSRN: https://ssrn.com/abstract=3946331 or http://dx.doi.org/10.2139/ssrn.3946331

Daniel Broby (Contact Author)

Ulster University ( email )

Accounting, Finance and Economics
Cathedral Quarter
Belfast, Northern Ireland BT15 1ED
United Kingdom

HOME PAGE: http://https://pure.ulster.ac.uk/en/persons/daniel-broby

Catalina Velandia Quimbayo

University of Strathclyde - Centre for Financial Regulation and Innovation ( email )

199 Cathederal Street
Glasgow, g4 0QU
United Kingdom

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