Initial Coin Offerings. Economic Efficient Regulation of Aspects of Market Failure Conditioned by Tax Law and Capital Markets Law Initial Coin Offerings (ICOs) represent an innovative method of corporate applying the ad-vantages of the blockchain-technology. The author examines the regulation of this matter based on economic and legal methods. After explaining the fundamental economic demands of legal regulation, the text continues arguing that the current capital markets law and tax law restricts the efficiency of the ICO-market. Therefore, the author elaborates on possible approaches (for) future regulation.
