Oliver Völkel in the current issue of the Austrian journal für technology law on the topic "Initial Coin Offerings from the Capital Market Law Perspective". In recent months, a new form of corporate or project finance has been established in the crypto sector, namely Initial Coin Offerings (ICOs) or Initial Token Offerings (ITOs). This novel form of fundraising can often no longer be compared with traditional equity or debt instruments. This article examines the capital market law nature of coins and tokens and deals with the question of whether ICO and ITO may possibly be subject to Austrian capital market law.
You can read the result of the legal analysis here.