Initial Coin Offering e a aplicabilidade da Instrução CVM 588/2017 para sua regulação e controle

Abstract

In view of the imminent development of the global financial market, it is necessary to develop and evolve techniques that enable and favor business relationships. Compared to the virtual period, increasingly frequent in the current times, it is fundamental the adequacy of the economy and financial market to digital technology media. Alongside digital evolution and the improvement of techniques for use in the global financial market, it is necessary to adopt the same rules in order to regulate the negotiations, aiming at the preservation of fundamental principles in business relations such as equality, justice, freedom contractual, free competition, among others listed in our Federal Constitution and sparse standards. To that finality, this study presents the development of an Initial Coin Offering, from its concept to the way of acting, as well as the applicability of CVM Instruction 588 of the Securities Commission, regarding the public offer of distribution of securities issued by small business enterprises held with exemption from registration through an electronic participatory investment platform. That is, our study questions the feasibility of applying CVM Instruction 588 to regulate Initial Coin Offering, since until the entry into force of CVM Instruction, this procedure is apparently not regulated and controlled by no institute in Brazil. We also inquire into the possible need for further studies about this subject, motivating its researchers to research and create specific instruments that effectively regulate 3 and supervise, in order to guarantee greater legal certainty in carrying out these economic transactions.