Ofertele iniţiale de monedă virtuală (ICOs) şi criptomonedele – între practică şi reglementare
Initial offers of virtual currency (ICOs) and cryptocurrencies – between practice and regulation

Summary/Abstract: Under the present article we intend to submit a short analysis from a legal perspective of virtual coins and Initial Coin Offerings (ICOs). Considering the spectacular evolution of ICOs and their frequency, we are of the opinion that their legal regime is of relevance for the market. For the time being tokens are not regulated in a distinctive manner. Thus, they may fall under the capital markets regulation, payments regulation or can even be outside the legal framework. Therefore, throughout the present article we will try to define the concept of virtual coin/crypto-asset/token, their characteristics and the similarities or differencesbetween them and traditional financial instruments. Afterwards, we will describe how these tokens are regulated in other jurisdictions and the position of competent authorities towards ICOs.

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