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Regulating initial coin offerings and DAO tokens under the EU’s financial instruments framework
Law and Financial Markets Review Pub Date : 2019-06-10 , DOI: 10.1080/17521440.2019.1623488
Niels Vandezande 1, 2
Affiliation  

Much has been written already about virtual currencies primarily serving as means of payment, such as bitcoin. However, it is becoming clear that the success of such virtual currencies on the payments market is limited at best. More and more, they are being used as a means of investment, with investors speculating on their often dramatic value fluctuations. Moreover, a new class of virtual currencies has emerged that serves primarily or even only as a means of investment. These virtual currencies, generally issued through what is called an “Initial Coin Offering” or as part of a decentralized autonomous entity, may have to be regarded from the perspective of securities laws, rather than from the perspective of payments laws. This paper analyses a few of those investment virtual currencies and assesses them from the perspective of the EU’s Markets in Financial Instruments Directive.

中文翻译:

在欧盟金融工具框架下监管初始代币发行和 DAO 代币

已经有很多关于主要用作支付手段的虚拟货币的文章,例如比特币。然而,越来越明显的是,此类虚拟货币在支付市场上的成功充其量是有限的。它们越来越多地被用作一种投资手段,投资者对其通常剧烈的价值波动进行投机。此外,出现了一类新的虚拟货币,主要或什至仅作为一种投资手段。这些虚拟货币通常通过所谓的“初始硬币发行”或作为去中心化自治实体的一部分发行,可能必须从证券法的角度而不是从支付法的角度来看待。
更新日期:2019-06-10
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