Initial Coin Offering (ICO) as a Transformation of Financial Institution of Collective Investment

Abstract

В условиях развития финансовых институтов актуально стоит проблема изучения трансформации формы института коллективного инвестирования под воздействием цифровизации, а также криптовалют, в частности. Предмет исследования — особенности функционирования ICO как трансформации финансового института коллективного инвестирования. Цель — исследовать ICO как новую форму коллективного инвестирования. Результаты исследования достигнуты через проведение глубокого сравнительного анализа ICO и IPO как инструмента финансовых институтов. Выделены преимущества и недостатки, определены факторы, проведен анализ институционального регулирования ICO, предложены векторы развития в трех плоскостях: для создателей проектов, инвесторов, регуляторов. Результаты могут быть использованы при разработке законов, функционировании платформ совместного инвестирования, при подготовке специалистов в области цифровой экономики и финансовых рынков.

Retail payments on public transportation under conditions of COVID-19

“…Innovations and innovative technologies were studied [8][9][10][11] and others. The works are devoted to the conceptual issues of retail consumer markets and the social significance of the sphere of retail services in Russia [12][13][14][15] and others. Sectoral aspects of innovation in retail payment markets have been developed [16][17][18] and others.…”

Assessment of the Development of the Stock Market in the Russian Federation in a Crisis

“…Studying publications on the stock market of the Russian Federation, one should definitely highlight the works on the role of the stock market in financing the economic (Mikhailov et al 2019;Vorobyov 2017aVorobyov , 2017b research of dependencies and the assessment of the impact of world stock markets on the stock market of Russia (Lukasevich 2020); on the peculiarities of the development of the financial market in the context of digitalization (Babkin et al 2020;Safonova 2021a, 2021b;Sorochaikin and Sorochaikina 2020) and its influence on the fundamental factors and mechanisms of the development of the stock market; on financial security (Borsch 2018;Shein and Postnikova 2019;Sidorov 2018); on the state, structures and prospects of the stock market (Demilkhanova 2019;Vorobyov 2017a;Yashchenko 2020); on the stability of stock markets in modern conditions (Bodner 2018;Gunchikov et al 2018) and on the formation and development of global networks of stock exchanges (Adzhamatova et al 2019;Gorda 2020;Schinckus et al 2021).…”

“…According to earlier research carried out by the authors (Babkin et al 2020), achieved through a deep comparative analysis of ICO and IPO as tools of financial institutions, it can be noted that in terms of digitalization, the most developed segment of the financial market in Russia is the stock market-IPO (initial public offering) after ICO (initial coin offering).…”

Problems of Institutions' Interaction: Value of a Service as a Special Form of Commodity (Logistic Approach)

“…In the process of digitalization, appeared new forms of money (cryptocurrency), which have an impact on the emergence of new forms of collective investment, such as ICO [24]. However, in general, money is needed and valuable only in territories where it is the equivalent of a commodity.…”