In the previous few years, the value of cryptocurrencies and their market capitalization have grown at an incredibly rapid pace. There are currently over 1500 distinct trading currencies with a total market valuation of over 384 billion US dollars. It is the purpose of this study to examine the elements that have helped the ICO industry flourish over the past several years. Findings from previous studies and recommendations from industry professionals lead to the selection of 16 variables. ISM (Interpretive Structural Modeling) analysis was utilised in order to better comprehend the influence and interrelationships across seven different Fuzzy levels of identified obstacles. Based on the drive and reliance power of the Fuzzy matrix utilising Fuzzy MICMAC, the factors are further divided into four primary groups. High reliance and driving power can be found in all but one of the selected fifteen criteria, except for no or low regulation. The storm’s expansion in the field is directly linked to the relationship between all factors. This revolutionary fundraising approach is changing and accepted by common investors because of “no or low regulation,” but it cannot be managed directly by the ICOs industry’s connected participants.