As ICOs enquanto ofertas de valores mobiliários

• Autor(a) principal: Amorim, Diogo Furtado
• Data de Publicação: 2019
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/94332
• topic: Direito

This dissertation is about one of the uses of distributed ledger technologies: Initial Coin Offers (ICOs). Within the subject of ICOs regulation, core object of this dissertation is the question of whether securities legislation and, more specifically, the Securities Code (CVM) and the Second Directive on Markets in Financial Instruments (DMIF II) apply to these new cryptographic assets sold to investors via internet. In order to achieve this objective, an explanation on the functioning of the decentralized ledger technologies (DLT) and their characteristics will be made. With this approach we do not intend to carry out a thorough study of the subject, just a description of the system operation along with its main characteristics. In the second part of this dissertation we will address the US regulatory experience by displaying the case in which the Securities Exchange Commission (SEC) had to take a position on the application of the securities offering rules in relation to DAO tokens. Only after analysing the US experience will we enter into the rhetoric of the eventual subjection of tokens sold in ICOs to European and national securities’ rules. Finally, we will address the distinction between crowdfunding and ICOs. To this end, we will conduct a brief comparison exercise between both innovative modes of financing. In addition, we will discuss the topic of applying crowdfunding rules to ICO based on the lessons learned from the above analysis.