The ICO regulatory competition

Over the past year, Initial Coin Offerings (ICO) have risen from an epiphenomenon to one of the leading forms of financing for early-stage technological projects. The operation generally consists in creating a token that will be used as a form of payment on a new platform. The token is then advertised and sold to the public in order to finance the development of the platform. Buyers might be future users of the platform or, in the majority of cases, investors expecting to resell the token for a profit.

One of the first ICOs was the Ethereum Project in 2014. There is no doubt that without this fundraising concept, the project would have had much more difficulty in raising funds for its decentralized and open source platform; two characteristics that do not match the usual venture capitalism and startup model. The financial success of Ethereum,