Первинне розміщення монет (ІСО): практика використання в Україні

Автори: І. Лютий, ORCID ID 0000000235612432, доктор економічних наук, професор, завідувач кафедри фінансів, Київський націона- льний університет імені Тараса Шевченка, Київ, Україна
А. Карпич, ORCID ID 0000000153457299, асистент кафедри фінансів, Київський національний університет імені Тараса Шевченка, Київ, Україна

Анотація: Досліджено практику використання ІСО як інструменту фінансування бізнесу в Україні. Проведено аналіз вітчизня- них ІСО та узагальнено їх основні характеристики. Визначено фактори, які впливають на ро звиток ІСО в Україні. Підк- реслено необхідність підтримки ІСО з боку держави.

Ключові слова: первинне розміщення монет, токен, фінансування, інвестиції, Україна

Received: 26/08/2018

1st Revision: 20/09/18

Accepted: 10/10/2018

DOI: https://doi.org/10.17721/1728-2667.2018/201-6/3


The ontology of the research is internal realism, while the epistemology of the given study is constructivism. The main strategy is induction. The qualitative and quantitative methods were adopted analysing secondary data. The statistical analysis was applied for structuring data covering the time period until May 30, 2018.
On the basis of the conducted analysis, the paper identifies the main characteristics of ended Ukrainian ICOs, including the number of rounds, timelines, currencies accepted for investment, the characteristics of tokens issued, soft caps and hard caps, etc. As of May 30, 2018, 18 Ukrainian companies already launched ICO, and 11 companies intended to do so in the near future, and the study shows that ca 40% of all ended national ICOs may be scams.
It is emphasized that the Ukrainian corporate sector may use ICOs for financing its activities quite successfully provided that ICO is supported by the state and the national legislation for it is created and implemented.
Kondrashov, V., 2018. Ukraine may launch the first state ICO in the world for building the Broadband Internet Access network [Ukraina mozhet provesti pervoe v mire gosudarstvennoe ICO dlia stroitelstva seti ShPD] [in Russian],
Internetua.com,[online].Availableat:<http://internetua.com/index.php/ukraina-mojet-provesti-pervoe-v-mire- gosudarstvennoe-ico-dlya-stroitelstva-seti-shpd> [Accessed 30 May 2018].
Ukrainian Internet Association, 2018. Policy studies data regarding the Internet audience on results of the year 2017 announced [Oglasheny dannye ustanovochnykh issledovanii internet-auditorii Ukrainy po itogam 2017 g.] [in Russian], Inau.ua, [online]. Available at: <http://inau.ua/news/oglasheny-dannye-ustanovochnyh-yssledovanyy-ynternet-audytoryy- ukrayny-po-ytogam-2017-g> [Accessed 30 May 2018].
Soslovskyi, V. and Kosovskyi, I., 2017. Cryptocurrencies as a system of investment projects [Kryptovaliuty yak systema investytsiinykh proektiv] [in Ukrainian]. The Banking University Bulletin, 1(28), pp.103-109.
Adhami, S., Giudici, G. and Martinazzi, S., 2018. Why do businesses go crypto? An empirical analysis of initial coin offerings, Journal of Economics and Business, [online]. Available at: <https://papers.ssrn.com/sol3/ papers.cfm?abstract_id=3046209> [Accessed 30 May 2018]. DOI: 10.1016/j.jeconbus.2018.04.001
Catalini, C. and Gans, J., 2018. Initial Coin Offerings and the Value of Crypto Tokens, SSRN Electronic Journal, [online]. Available at: <http://www.nber.org/papers/w24418.pdf> [Accessed 30 May 2018]. DOI: 10.2139/ssrn.3137213
Conley, J., 2017. Blockchain and the Economics of Crypto-tokens and Initial Coin Offerings, Vanderbilt University Department of Economics Working Papers, VUECON-17-00008, [online]. Available at: <http://www.accessecon.com/ pubs/VUECON/VUECON-17-00008.pdf> [Accessed 30 May 2018].
Hibi, M., 2018. Accounting Aspects of ICO. [online] Deloitte.com. Available at: <https://www2.deloitte.com/content/ dam/Deloitte/il/Documents/financial-services/events_ppt/2017/Accounting_Aspects_of_ICO.pdf> [Accessed 30 May 2018].
EY, 2018. Initial Coin Offering (ICO). [online] Ey.com. Available at: <http://www.ey.com/Publication/vwLUAssets/EY- ico-research/$FILE/EY-ico-research.pdf> [Accessed 30 May 2018].
Momtaz, P., 2018. Initial Coin Offerings, SSRN Electronic Journal, [online]. Available at: <https://papers.ssrn.com/ sol3/papers.cfm?abstract_id=3166709> [Accessed 30 May 2018]. DOI: 10.2139/ssrn.3166709
Zetzsche, D., Buckley, R., Arner, D. and Fohr, L., 2017. The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators, SSRN Electronic Journal, [online]. Available at: <https://papers.ssrn.com/sol3/ papers.cfm?abstract_id=3072298> [Accessed 30 May 2018]. DOI: 10.2139/ssrn.3072298
ICO Tracker 2018, Icotracker.net. Available at: <https://icotracker.net/> [Accessed 30 May 2018].
ICObench 2018, Icobench.com. Available at: <https://icobench.com/> [Accessed 30 May 2018].
ICOholder 2018, Icoholder.com. Available at: <https://icoholder.com/> [Accessed 30 May 2018].