IDEAS home Printed from https://ideas.repec.org/p/hal/cesptp/halshs-02079171.html
   My bibliography  Save this paper

Initial Crypto-asset Offerings (ICOs), tokenization and corporate governance

Author

Listed:
  • Stéphane Blémus

    () (UP1 - Université Panthéon-Sorbonne, Labex ReFi - UP1 - Université Panthéon-Sorbonne, Kalexius law firm, ChainTech)

  • Dominique Guegan

    () (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Panthéon-Sorbonne, Labex ReFi - UP1 - Université Panthéon-Sorbonne, University of Ca’ Foscari [Venice, Italy], IPAG Business School)

Abstract

This paper discusses the potential impacts of the so-called "initial coin offerings", and of several developments based on distributed ledger technology ("DLT"), on corporate governance. While many academic papers focus mainly on the legal qualification of DLT and crypto-assets, and most notably in relation to the potential definition of the latter as securities/financial instruments, the authors analyze some of the use cases based on DLT technology and their potential for significant changes of the corporate governance analyses. This article studies the consequences due to the emergence of new kinds of firm stakeholders, i.e. the crypto-assets holders, on the governance of small and medium-sized enterprises ("SMEs") as well as of publicly traded companies. Since early 2016, a new way of raising funds has rapidly emerged as a major issue for FinTech founders and financial regulators. Frequently referred to as initial coin offerings, Initial Token Offerings ("ITO"), Token Generation Events ("TGE") or simply "token sales", we use in our paper the terminology Initial Crypto-asset Offerings ("ICO"), as it describes more effectively than "initial coin offerings" the vast diversity of assets that could be created and which goes far beyond the payment instrument issue.

Suggested Citation

  • Stéphane Blémus & Dominique Guegan, 2019. "Initial Crypto-asset Offerings (ICOs), tokenization and corporate governance," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02079171, HAL.
  • Handle: RePEc:hal:cesptp:halshs-02079171
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-02079171
    as

    Download full text from publisher

    File URL: https://halshs.archives-ouvertes.fr/halshs-02079171/document
    Download Restriction: no

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Louis Abraham & Dominique Guégan, 2019. "The other side of the Coin: Risks of the Libra Blockchain," Working Papers 2019: 30, Department of Economics, University of Venice "Ca' Foscari".

    More about this item

    Keywords

    ICO; Crypto-asset; Blockchain; Governance; Tokens;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:cesptp:halshs-02079171. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CCSD). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.