The legal side ICO
At present, the scope of the ICO has minimal legislative regulation. In fact, clear recommendations are given only to the Supervisory authorities fear three: Switzerland, Singapore and Gibraltar. The lack of a legal base not only increases risks for investors, reducing their interest in projects, but also complicates the binding to the real sector of the economy, which also affected the registration of projects and their progress.
We must also note the lack of precision in the definitions of the operations of the ICO. In fact, the procedure is the definition of "primary distribution of coins", but in fact the majority of placements takes place according to the scheme "the initial placement of tokens", but no division operation-type is not provided.
Another misconception is invented is the relationship between ICO and IPO. Meanwhile, except for the consonance of names nothing in common between the issue of coins and valuable papers there. In each case, are completely unique mechanisms and rules. Thus, in contrast to coins, release tokens cannot be called an issue, as in fact this one-time generation of the creators of virtual currency signs, provided exclusively by the idea of the future project. Operations Minina are unavailable. If you go back to the legal framework of operations of the ICO, in fact it does not exist, but in some countries the legislation provides for liability for fraud in the IT field, which can be, if necessary, summarized and operations with the placement of tokens, and apply these rules even outside the United States.
Nesmotra that "whitpaper" (main project document) is legally unsubstantiated, it requires the reflection of all the main aspects of the purchase token and the subsequent turnover to them.
Today, the majority of ICO based on the smart contacts involving the ratio of two participants. In such circumstances, to regulate their relationship needs it in law, ensuring adequate degree of protection of interests.
Of course, much of the modern world, the ICO depends on the honesty of a person, but the warranty should be. It is not surprising that today many States are working on legislative support of ICO on-site.