Initial coin offering (ICO) as a transformation of financial institution of collective investment
https://doi.org/10.38050/01300105202017
Abstract
In conditions of financial institutions’ development it is crucial to examine the transformation in the form of a collective investment institution under the influence of digitalization and, in particular, the emergence of cryptocurrencies. The subject of the research refers to the features of ICO functioning as a transformation of a financial institution for collective investment. The goal is to explore the ICO as a new form of collective investment. The results of the research are achieved through a comprehensive comparative analysis of ICO and IPO as a basic tool of financial institutions. The paper highlights the advantages and disadvantages, identifies the factors, analyzes the institutional regulation of ICO and proposes development vectors from three angles: for project creators, investors, regulators. The results can be used in policymaking, the functioning of joint investment platforms, in training specialists in the field of digital economy and financial markets.
About the Authors
A. V. Babkin
Peter the Great St. Petersburg Polytechnic University
Russian Federation
Russian Federation
St. Petersburg
D. D. Burkaltseva
V.I. Vernadsky Crimean Federal University
Russian Federation
Russian Federation
Simferopol
A. S. Tyulin
V.I. Vernadsky Crimean Federal University
Russian Federation
Russian Federation
Simferopol
P. Kh. Azimov
Tajik state technical university of a name of the academician M. Osimi
Tajikistan
Tajikistan
Dushanbe
O. G. Blazhevich
V.I. Vernadsky Crimean Federal University
Russian Federation
Russian Federation
Simferopol
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Review
For citations:
Babkin A.V., Burkaltseva D.D., Tyulin A.S., Azimov P.Kh., Blazhevich O.G. Initial coin offering (ICO) as a transformation of financial institution of collective investment. Moscow University Economics Bulletin. 2020;(1):81-103. (In Russ.) https://doi.org/10.38050/01300105202017
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