Aplicabilidad del régimen de responsabilidad de folletos de emisión a los ICO whitepapers

Abstract

La evolución tecnológica ha resultado en el desarrollo de la tecnología Blockchain, que a su vez ha desembocado en emisiones de tokens denominadas Initial Coin Offerings. Este fenómeno carece de regulación específica en la actualidad, debido a la complejidad de su interpretación, lo cual ha provocado posturas diversas a nivel global. Sin embargo, sí que hay consenso alrededor de la idea de que las Initial Coin Offerings deben ser reguladas para dotar a los inversores de una mayor seguridad jurídica.

Uno de los aspectos más importantes que deberían ser regulados es la responsabilidad de los diferentes sujetos intervinientes por la publicación de información errónea o insuficiente. Ante la ausencia de regulación, cabe plantear la aplicabilidad del régimen de responsabilidad de folletos de emisión, propio de las emisiones de valores negociables, a las Initial Coin Offerings, asimilando los “ICO whitepapers” a dichos folletos. Como se analiza en el presente trabajo, dicha aplicabilidad es posible, si bien una regulación específica sería más adecuada para garantizar una mayor protección a los inversores.Technological developments taking place in the last years have resulted in the creation of Blockchain technology, as well as token sales, commonly known as Initial Coin Offerings. This phenomenon is characterized for not having a specific regulation due to the difficulty behind its interpretation, which has caused the appearance of a wide array of regulative approaches in different jurisdictions. However, there is consensus around the idea that Initial Coin Offerings should be regulated in order to guarantee legal security to potential investors.

One of the most important aspects to be regulated is the liability of the people involved in Initial Coin Offerings, in the case that they offer wrong or insufficient information to potential investors. Therefore, as long as the legal situation remains the same it is possible to consider the application of securities regulation in terms of liability, due to the similarities between securities prospectus and ICO whitepapers. As we will see in the present dissertation, the application of this regulation is possible, but a more profound and specific regulation would ensure investors´ protection to a greater extent.