“…Blockchain-based crowdfunding campaign models closely resemble traditional crowdfunding. Nevertheless, the legislative framework for this innovation is still inadequate in most nations and lacks worldwide standardization (Hartmann et al, 2019;Wan et al, 2023;Xu et al, 2023). This can be explained by at least three different types of tokens that reflect their features: payment type, utility type, and investment type (Hacker & Thomale, 2018;Zkik et al, 2023).…”