Digital Finance in Europe: A comparative analysis between Crowdfunding and Initial Coin Offerings

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Digital Finance in Europe: A comparative analysis between Crowdfunding and Initial Coin Offerings (EN)

Smaragdis, Stylianos (EN)

Dimopoulos, Angelos (EL)
Rodríguez de las Heras Ballell, Teresa (EL)
Grose, Christos (EL)

masterThesis

2021-07
2022-12-14T10:29:50Z
2022-12-14


This dissertation was written as part of the Master of laws (LLM) in Transnational and European Commercial Law, Arbitration/Mediation at the International Hellenic University. The aim of this thesis is to explore the reasoning behind the choice of the EU legislator to explicitly distinguish between crowdfunding and ICOs. A divergent legislative approach may give rise to adverse effects in competition. Undoubtedly, the EU Legislator identified different concerns and attempted to provide sustainable solutions towards the welfare of the financial markets. A comparative analysis will be conducted between these tools, to unveil whether their differences impose as well a different legal treatment. ICO is a scheme of crowdfunding, however, it operates within the promising yet nascent cryptocurrency and Blockchain environment. The novelties of this environment troubled the EU Legislator as many ICO projects may fall outside of the EU Financial Regulation. It seems that the negative attitude of states and policy makers concerning ICOs as well, have influenced his decision to exclude ICO projects from the Crowdfunding Regulation. This thesis concludes, that the existent different issues between these tools justify at a certain degree the diverse approach, but the common objectives and similar procedural mechanisms could uphold a common regulatory framework. (EL)


Crowdfunding (EN)
ICOs (EN)
digital platforms (EN)
investor protection (EN)

Αγγλική γλώσσα

School of Economics, Business Administration and Legal Studies, LLM in Transnational and European Commercial Law, Banking Law, Arbitration/Mediation
School of Humanities, social Sciences and Economics, Master of Laws (LL.M) in Transnational and European Commercial Law, Banking Law, Arbitration / Mediation (EN)

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*Η εύρυθμη και αδιάλειπτη λειτουργία των διαδικτυακών διευθύνσεων των συλλογών (ψηφιακό αρχείο, καρτέλα τεκμηρίου στο αποθετήριο) είναι αποκλειστική ευθύνη των αντίστοιχων Φορέων περιεχομένου.