ICOs and Investor Protection: A Cross-border Perspective.

ICO is the acronym for initial coin offering which, drawing a parallel with IPO, refers to the offering to the public of tokens created within blockchain platforms. Most jurisdictions have not specifically regulated these new instruments but instead apply their capital market law requirements when tokens are considered securities; in primary markets, prospectus rules. Failure to comply with those requirements may give rise to liability. Given that ICOs are cross-border in nature, issuers act globally by targeting retail investors in any jurisdiction through online channels--the determination of the law applicable to both regulatory and private law issues is key. This contribution aims at analysing investor protection in ICOs from a substantive-law and, in particular, conflict-of-laws perspective, testing traditional connecting factors, mainly market-orientated, in this context. [ABSTRACT FROM AUTHOR]