guuvestВестник университетаVestnik Universiteta1816-42772686-8415State University of Management10.26425/1816-4277-2020-2-41-48guuvest-2071Research ArticleСТРАТЕГИИ И ИННОВАЦИИSTRATEGIES AND INNOVATIONSICO И STO КАК СОВРЕМЕННЫЕ ИНСТРУМЕНТЫ КРАУДФИНАНСИРОВАНИЯ СТАРТАПОВICO AND STO AS MODERN TOOLS FOR CROWDFUNDING STARTUPShttps://orcid.org/0000-0002-5892-0841КожановаА. В.KozhanovaA. V.

аспирант, 

г. Москва

Postgraduate student, 

Moscow

a_kozhanova@bk.ruФГБОУ ВО «Государственный университет управления»РоссияState University of ManagementRussian Federation202022042020024148Copyright © Кожанова А.В., 20202020Кожанова А.В.Kozhanova A.V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://vestnik.guu.ru/jour/article/view/2071

Сегодня финансовые инновации кажутся повсеместными. Новый способ привлечения капитала стартапами на основе блокчейна, такими как ICO (initial coin offering), имеет сходство с краудфинансированием, производя продажу выпускаемых токенов пулу инвесторов. С помощью этого источника стартапы в 2018 г. собрали 22 млрд долл. США, однако в 2019 г. рынок начал падать, поэтому многие исследователи отметили опасность раздутого пузыря ICO. Низкая выживаемость ICO-проектов привела к развитию рынка STO (security token offering), гарантирующего обеспеченные права инвесторов. В статье исследовано насколько новые инструменты финансирования могут заменить традиционные и насколько они адаптированы под существующие законодательства. С этой целью проанализировано развитие рынка этих инструментов в сравнении с традиционными. Изучено законодательство в представленной области.

Today financial innovations seem ubiquitous. A new way of attracting capital by startups based on the blockchain such as ICO (initial coin offering) is similar to crowdfunding, selling produced tokens to the pool of investors. With the assistance of this source, startups collected 22 billion dollars in 2018, but in 2019 the market began to fall, so many researchers noted the danger of the ICO bubble. The low survival rate of ICO-projects led to the development of STO (security token offering) market, which guarantees the investor’s secured rights. It has been examined in the article how the new financing instruments can replace traditional ones and how they are adapted to existing legislation. For this purpose, the development of market for these instruments in comparison with traditional ones has been analyzed. The legislation in this area has been studied.

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The authors declare that there are no conflicts of interest present.