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Legal aspects of Initial Coin Offering
Hotovec, Petr ; Dupáková, Lenka (advisor) ; Seknička, Pavel (referee)
1 Legal Aspects of Initial Coin Offering Abstract The thesis deals with Initial Coin Offering (ICO) phenomenon. The Initial Coin Offering is a type of funding using cryptocurrencies, which the current legal literature describes as tokens. The thesis has a goal of describing the basics of cryptocurrencies functionality, the explanation of Initial Coin Offering phenomenon and the legal classification of cryptocurrencies emitted in an ICO. The fother parts of the thesis are dedicated to the comparison of Initial Coin Offering and Initial Public Offering with a special focus on the different economic motivation behind both phenomena. In the beginning the thesis describes the cryptocurrency basics such as what is blockchain, wallet and the difference between coins and tokens. Thesis then contains the descriptions of ICO phases, with a focus on the division of ICO on two parts, the public phase in which the retail investors take part, and the pre-sale phase in which the big investors take part. The next section contains the most important declarations and notices concerning ICO and cryptocurrencies, published by the regulatory bodies with a special focus on ESMA, FINMA and SEC. The description of the regulatory framework in the world is followed by the largest section of the thesis, which is dedicated to the...
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The Cryptocurrencies in Practice of Law
Kundrátová, Petra ; Kotáb, Petr (advisor) ; Boháč, Radim (referee)
This diploma thesis deals with the cryptocurrencies in practice of law. The aim of the thesis is to analyse the initial coin offering and the basic tax aspects of the cryptocurrencies, both with respect to the Czech law, and to provide a comparative overview of the cryptocurrency legal regulation in different states of the world. The actual text of the thesis is divided into four parts. These parts are preceded by a general introduction outlining the overall concept of the thesis, its purpose and the reasons why the topic was chosen. The fourth part is followed by a conclusion summarizing the main findings that were made. The first part of the thesis deals with an explanation of the term cryptocurrency and its comparison with the terms virtual and digital currency. It also discusses whether cryptocurrencies can be considered as money or as currencies and what each of these two categories means. The second part is focused on the initial coin offer in the Czech law. There is a brief description of its course followed by an examination of the applicable rules of both public and private law. Particular attention is paid to the rules concerning the initial public offering, payment transactions, collective investment, enterprise and anti-money laundering. The third part of the thesis dissects basic tax aspects of...
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