الإطار التقني والقانوني للعروض الأولية للعملة الرقمية المشفرة

Abstract

Today, blockchain-based technologies, such as the Initial Coin Offering (ICO), are capable of providing solutions for financing SMEs. ICOs are the issuing of digital tokens that will be sold to investors in return for a cryptocurrency, allowing a project to be funded. This research examines the process of this novel and alternative method of business financing. At first glance, the ICO protocol appears to be very similar to the Initial Public Offering (IPO) procedure raising the question of how ICOs ought to be regulated. To answer this question, descriptive and analytical research will be conducted. On a legal level, the study found that three approaches to the regulation of ICOs exist, with the American option being the most fascinating because it represents a middle ground between banning and developing a new independent law for token issuance, allowing ICOs to be included within an existing legal framework. The study recommends that the Qatar Financial Markets Authority adopt this American approach, so ICOs will be introduced in Qatar smoothly and without the need for new legislation. This will result in a desired goal of promoting Qatari SMEs.