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ICO françaises : un nouveau mode de financement ?

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  • Caroline Le Moign

Abstract

A recent phenomenon, initial coin offerings (ICOs) are a fundraising method that is still emerging but is beginning to take shape, allowing the emergence and the financing of new companies in technological and innovative sectors. The analysis of the global market highlights the still marginal nature of this method of financing, but also the creation of a new form of commitment in a business project that attracts investors whose number now exceeds the closed circle of specialists. The analysis of French ICO projects, using an original database, highlights the growing interest of this fundraising mechanism by some project initiators, who seem to welcome the opportunity to call on a community of international investors and introduce this method along with other, more traditional methods of financing. In view of the risks associated with this type of investment, the article finally presents the French incentive framework, the optional visa for token issues issued by the Autorité des marchés financiers (AMF). Classification JEL : G12, G14, G24, 033.

Suggested Citation

  • Caroline Le Moign, 2019. "ICO françaises : un nouveau mode de financement ?," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 131-144.
    • Handle: RePEc:cai:refaef:ecofi_135_0131
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    Cited by:

    1. Şoiman, Florentina & Dumas, Jean-Guillaume & Jimenez-Garces, Sonia, 2023. "What drives DeFi market returns?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).

    More about this item

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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