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Part II Defining and Assessing the Scope of the Crowdfunding Regulation, 6 Is the Crowdfunding Regulation Future-Proof?: Forms of Blockchain-based Crowdfunding Falling Outside of the Scope of the Regulation »

Raffaele Battaglini, Davide Davico
From: The EU Crowdfunding Regulation
Edited By: Pietro Ortolani, Marije Louisse
This chapter assesses the scope of application of the Crowdfunding Regulation ratione materiae, with reference to the rapidly evolving world of blockchain-based crowdfunding techniques, such as Initial Coin Offerings (ICOs), Initial Token Offerings (ITOs), and Initial Exchange Offerings (IEOs). It investigates whether the choice to exclude ICOs/ITOs/IEOs from the scope of the Crowdfunding Regulation was correct. The chapter then presents a comparison between the Regulation and the future possible regulation of crypto-assets in the EU, with particular reference to the proposed Markets in Crypto-Assets (MiCA) Regulation, and the Distributed Ledger Technology Pilot Regime. Cryptocurrencies pose two questions that seem far from being resolved: their definition and their legal nature. The term ‘cryptocurrency’ refers to the concept of money, which is misleading or at least reductive. Depending on their functions and technological peculiarities, cryptocurrencies may differ significantly from one to another, which necessarily affects their legal nature.