ICO — a New Way of Project Financing: Development Trends of Legal Regulation
Purpose. The development of digital technologies contributes to the improvement of financial relations using various information systems, which actualizes the study of the problems of legal regulation of new relations, in particular in the field of ICO. The article analyzes the processes of initial placement of tokens (moent), as well as possible options for their legal regulation. The methodological basis for the research of this article is the dialectical method of scientific knowledge. The research used such general scientific methods and techniques as scientific abstraction, system, logical, analysis and synthesis, comparative law. Conclusions are drawn that 1) various approaches to the issue of ICO regulation have been formed in a number of countries, and rather ambiguous ones, 2) Russia is currently in the process of forming a legal framework regulating the circulation of cryptocurrencies and digital financial assets, 3) the term “ICO” has not been introduced in domestic legislation, and the terms “issue” and “circulation”are used instead. Scientific and practical significance. This research allows us to consider the nature of the token and the content of the ICO process, as well as contributes to the development of theoretical directions on this topic and the formation of training courses on tokens and new ways of implementing financial relations.