Initial Crypto-asset Offerings (ICO), tokenization and corporate governance
Research output: Contribution to journal › Journal article › Research › peer-review
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Initial Crypto-asset Offerings (ICO), tokenization and corporate governance. / Blemus, Stephane; Guegan, Dominique.
In: Capital Markets Law Journal, Vol. 15, No. 2, 01.04.2020, p. 191-223.Research output: Contribution to journal › Journal article › Research › peer-review
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TY - JOUR
T1 - Initial Crypto-asset Offerings (ICO), tokenization and corporate governance
AU - Blemus, Stephane
AU - Guegan, Dominique
PY - 2020/4/1
Y1 - 2020/4/1
N2 - This interdisciplinary article discusses the potential consequences due to distributed ledger technology (DLT), tokenization as well as the emergence of new kinds of firm stakeholders, ie the crypto-assets holders, on the governance of small and medium-sized enterprises (SMEs) as well as of publicly traded companies. Since early 2016, a new way of issuing assets and raising funds has rapidly emerged as a major issue for FinTech founders and financial regulators. Frequently referred to as initial coin offerings, initial token offerings (ITO), token generation events (TGE) or simply ‘token sales’, we use in our article the terminology initial crypto-asset offerings (ICO), as it describes more effectively than ‘initial coin offerings’ the vast diversity of assets (utility tokens, security tokens, crypto-currencies) that could be created and which goes far beyond the sole payment instrument issue.
AB - This interdisciplinary article discusses the potential consequences due to distributed ledger technology (DLT), tokenization as well as the emergence of new kinds of firm stakeholders, ie the crypto-assets holders, on the governance of small and medium-sized enterprises (SMEs) as well as of publicly traded companies. Since early 2016, a new way of issuing assets and raising funds has rapidly emerged as a major issue for FinTech founders and financial regulators. Frequently referred to as initial coin offerings, initial token offerings (ITO), token generation events (TGE) or simply ‘token sales’, we use in our article the terminology initial crypto-asset offerings (ICO), as it describes more effectively than ‘initial coin offerings’ the vast diversity of assets (utility tokens, security tokens, crypto-currencies) that could be created and which goes far beyond the sole payment instrument issue.
KW - Faculty of Law
KW - Blockchain
KW - Cryptoassets
KW - Tokenization
KW - Corporate governance
UR - https://academic.oup.com/cmlj/article-abstract/15/2/191/5825337
M3 - Journal article
VL - 15
SP - 191
EP - 223
JO - Capital Markets Law Journal
JF - Capital Markets Law Journal
SN - 1750-7219
IS - 2
ER -
ID: 319114020