Initial Coin Offering, Security Token Offering

While the use of DLT-based financial services is rapidly transforming the whole picture of financial markets for both market investors and market infrastructure providers (payment systems, stock exchanges, trading venues, securities custodians, issuing companies), these raise specifically challenges for both regulators and market participants due to the uncertainty on how the existing regulatory framework can be applied toThe Law "On financial markets based on the technology of Distributed Ledgers", (the "Law") in additional to what we have explained thus far, also regulates two very important steps for the system organization and functioning, in particular the Initial Coin Offering ("ICO") and the Security Token Offering ("STO").