\n\u2192 Tokeny, kter\u00e9 reprezentuj\u00ed pr\u00e1vo na dividendy nebo hlasovac\u00ed pr\u00e1va. V tomto p\u0159\u00edpad\u011b jsou pova\u017eov\u00e1ny za podobn\u00e9 akci\u00edm a jsou tedy pova\u017eov\u00e1ny za druh cenn\u00fdch pap\u00edr\u016f a podl\u00e9haj\u00ed r\u016fzn\u00fdm pr\u00e1vn\u00edm regulac\u00edm. Konkr\u00e9tn\u011b je povinn\u00e9 vytvo\u0159it prospekt (tzv. b\u00edlou knihu).<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\nJe p\u0159ijat p\u0159\u00edstup k rozli\u0161ov\u00e1n\u00ed obsahu pr\u00e1vn\u00edch p\u0159edpis\u016f, kter\u00e9 by m\u011bly b\u00fdt uplatn\u011bny na tokeny na z\u00e1klad\u011b t\u011bchto t\u0159\u00ed typ\u016f, ale je samoz\u0159ejm\u011b o\u010dek\u00e1v\u00e1no, \u017ee budou vyd\u00e1ny tokeny, kter\u00e9 spl\u0148uj\u00ed v\u0161echny tyto typy sou\u010dasn\u011b. Jak budou tyto limitn\u00ed p\u0159\u00edpady o\u0161et\u0159eny, z\u00e1le\u017e\u00ed na budouc\u00edm v\u00fdvoji judikatury.<\/p>\n\n\n\n
\u0160v\u00fdcarsko je m\u00edstem, kde se nach\u00e1z\u00ed mnoho hlavn\u00edch kancel\u00e1\u0159\u00ed blockchainov\u00fdch spole\u010dnost\u00ed z cel\u00e9ho sv\u011bta, v\u010detn\u011b Ethereum, a je tak\u00e9 zem\u00ed, kde je ICO velmi popul\u00e1rn\u00ed. Vzhledem k t\u011bmto okolnostem se o\u010dek\u00e1v\u00e1, \u017ee se bude sna\u017eit dos\u00e1hnout vyv\u00e1\u017een\u00e9 regulace s c\u00edlem dlouhodob\u00e9ho rozvoje tohoto pr\u016fmyslu.<\/p>\n\n\n\n
<\/span>N\u011bmecko<\/span><\/h3>\n\n\n\nV p\u0159\u00edpad\u011b N\u011bmecka se p\u0159i ICO vyd\u00e1van\u00e9 tokeny klasifikuj\u00ed do t\u0159\u00ed hlavn\u00edch kategori\u00ed podle toho, zda jejich obsah m\u016f\u017ee b\u00fdt pova\u017eov\u00e1n za cenn\u00e9 pap\u00edry (Japonsk\u00fd z\u00e1kon o prospektu cenn\u00fdch pap\u00edr\u016f), za majetek (Japonsk\u00fd z\u00e1kon o investic\u00edch do majetku) nebo za akcie (Japonsk\u00fd kodex kapit\u00e1lov\u00fdch investic). Pl\u00e1nuje se uplat\u0148ovat st\u00e1vaj\u00edc\u00ed z\u00e1kony. Pokud se na n\u011b vztahuje n\u011bkter\u00fd z t\u011bchto p\u0159edpis\u016f, na provozovatele ICO m\u016f\u017ee b\u00fdt podle p\u0159\u00edslu\u0161n\u00fdch pr\u00e1vn\u00edch p\u0159edpis\u016f uvalena povinnost pod\u00e1vat dokumenty, jako je prospekt.<\/p>\n\n\n\n
Je t\u0159eba poznamenat, \u017ee zda lze tokeny vyd\u00e1van\u00e9 prost\u0159ednictv\u00edm ICO pova\u017eovat za cenn\u00e9 pap\u00edry, je podle n\u00e1zoru vl\u00e1dy ur\u010deno t\u00edm, zda spl\u0148uj\u00ed n\u00e1sleduj\u00edc\u00ed podm\u00ednky:<\/p>\n\n\n\n
\nJe mo\u017en\u00e9 je p\u0159ev\u00e9st a obchodovat na trhu Maj\u00ed pr\u00e1va podobn\u00e1 dividend\u00e1m jako \u010dlenov\u00e9 Nemaj\u00ed vyu\u017eit\u00ed jako platebn\u00ed prost\u0159edek, jako je hotovost<\/li>\n\n\n\n Informace o dr\u017eiteli jsou zaznamen\u00e1ny pomoc\u00ed technologie blockchain<\/li>\n<\/ul>\n\n\n\n<\/span>Zem\u011b, kter\u00e9 se sna\u017e\u00ed vytvo\u0159it a regulovat speci\u00e1ln\u00ed pr\u00e1vn\u00ed oblast pro ICO<\/span><\/h2>\n\n\n\nI zem\u011b, kter\u00e9 se sna\u017e\u00ed vytvo\u0159it nov\u00e9 pr\u00e1vn\u00ed p\u0159edpisy pro ICO.<\/figcaption><\/figure>\n\n\n\n<\/span>Francie<\/span><\/h3>\n\n\n\nVe Francii se od roku 2017 (Heisei 29) pod veden\u00edm Francouzsk\u00e9ho \u00fa\u0159adu pro finan\u010dn\u00ed trhy pokra\u010duje v pr\u00e1vn\u00ed \u00faprav\u011b t\u00fdkaj\u00edc\u00ed se virtu\u00e1ln\u00edch m\u011bn. Francie se sna\u017e\u00ed vytvo\u0159it nov\u00e9 pr\u00e1vn\u00ed p\u0159edpisy pro ICO a p\u0159\u00edmo regulovat “leg\u00e1ln\u00ed zp\u016fsoby prov\u00e1d\u011bn\u00ed ICO”. Zvl\u00e1\u0161t\u011b charakteristick\u00fdm je zaveden\u00ed licen\u010dn\u00edho syst\u00e9mu, kter\u00fd ud\u011bluje licence organiz\u00e1tor\u016fm ICO, co\u017e je pokus o poskytnut\u00ed st\u00e1tn\u00ed z\u00e1ruky pro ICO. Nicm\u00e9n\u011b, prov\u00e1d\u011bn\u00ed ICO bez licence nen\u00ed v \u017e\u00e1dn\u00e9m p\u0159\u00edpad\u011b zak\u00e1z\u00e1no a je patrn\u00fd postoj, kter\u00fd se sna\u017e\u00ed dos\u00e1hnout rovnov\u00e1hy mezi rozvojem trhu a \u0159\u00edzen\u00edm rizik.<\/p>\n\n\n\n
<\/span>Gibraltar<\/span><\/h3>\n\n\n\nGibraltar je tak\u00e9 zem\u011b, kter\u00e1 se sna\u017e\u00ed vytvo\u0159it vlastn\u00ed pr\u00e1vn\u00ed p\u0159edpisy pro regulaci ICO. V tomto z\u00e1kon\u011b jsou organiz\u00e1tor\u016fm ICO stanoveny pravidla, kter\u00e1 mus\u00ed dodr\u017eovat pro prevenci trestn\u00e9 \u010dinnosti, jako je pran\u00ed \u0161pinav\u00fdch pen\u011bz, a jsou stanoveny tak\u00e9 povinnosti t\u00fdkaj\u00edc\u00ed se zve\u0159ej\u0148ov\u00e1n\u00ed informac\u00ed.<\/p>\n\n\n\n
<\/span>Ab\u00fa Dhab\u00ed<\/span><\/h3>\n\n\n\nV Ab\u00fa Dhab\u00ed se s p\u0159ihl\u00e9dnut\u00edm k rizik\u016fm spor\u016f specifick\u00fdch pro virtu\u00e1ln\u00ed m\u011bny, jako jsou syst\u00e9mov\u00e9 poruchy, pokra\u010duje v pr\u00e1vn\u00ed \u00faprav\u011b vlastn\u00edho regula\u010dn\u00edho r\u00e1mce pro ICO. Zde jsou do regula\u010dn\u00edho obsahu zahrnuty nejen opat\u0159en\u00ed proti pran\u00ed \u0161pinav\u00fdch pen\u011bz a ochrana spot\u0159ebitel\u016f, ale tak\u00e9 povinnosti podnikatel\u016f t\u00fdkaj\u00edc\u00ed se informa\u010dn\u00ed bezpe\u010dnosti.<\/p>\n\n\n\n
<\/span>Zem\u011b, kter\u00e9 neuplat\u0148uj\u00ed specifick\u00e9 regulace v\u016f\u010di ICO<\/span><\/h2>\n\n\n\n<\/span>B\u011blorusko<\/span><\/h3>\n\n\n\nP\u0159\u00edklady zem\u00ed, kter\u00e9 jsme dosud probrali, se sna\u017e\u00ed uplatnit ur\u010ditou pr\u00e1vn\u00ed regulaci v\u016f\u010di ICO, a\u0165 u\u017e v r\u016fzn\u00e9 m\u00ed\u0159e. Na druhou stranu, B\u011blorusko se od t\u011bchto zem\u00ed li\u0161\u00ed t\u00edm, \u017ee se sna\u017e\u00ed co nejv\u00edce uvolnit regulace v\u016f\u010di ICO, aby p\u0159il\u00e1kalo zahrani\u010dn\u00ed spole\u010dnosti.<\/p>\n\n\n\n
V p\u0159\u00edpad\u011b B\u011bloruska bylo zaj\u00edmav\u00e9 sledovat, jak byly v roce 2018 (Gregori\u00e1nsk\u00fd kalend\u00e1\u0159) vyd\u00e1ny z\u00e1kony, kter\u00e9 \u00famysln\u011b legalizovaly kryptom\u011bny a ICO. S c\u00edlem p\u0159il\u00e1kat IT spole\u010dnosti z cel\u00e9ho sv\u011bta, byly p\u0159edstaveny politiky, jako je uvoln\u011bn\u00ed da\u0148ov\u00e9ho syst\u00e9mu pro t\u011b\u017ebu, p\u0159evod a obchodov\u00e1n\u00ed s kryptom\u011bnami, a zru\u0161en\u00ed v\u00edz pod ur\u010dit\u00fdmi podm\u00ednkami.<\/p>\n\n\n\n
Av\u0161ak, co se t\u00fd\u010de rizika roz\u0161\u00ed\u0159en\u00ed podvodn\u00fdch ICO, kter\u00e9 vyu\u017e\u00edvaj\u00ed nev\u011bdomosti b\u011b\u017en\u00fdch investor\u016f, i zde se projevuj\u00ed snahy o regulaci. Nap\u0159\u00edklad stanoven\u00edm podm\u00ednek pro n\u00e1kup token\u016f, jako jsou finan\u010dn\u00ed zdroje, vzd\u011bl\u00e1n\u00ed, pracovn\u00ed zku\u0161enosti atd., se sna\u017e\u00ed prosazovat regulace z hlediska ochrany spot\u0159ebitel\u016f a p\u0159itom se sna\u017e\u00ed p\u0159il\u00e1kat zahrani\u010dn\u00ed spole\u010dnosti, kter\u00e9 by p\u0159isp\u011bly k rozvoji dom\u00e1c\u00ed ekonomiky.<\/p>\n","protected":false},"excerpt":{"rendered":"
ICO (zkratka pro Initial Coin Offering) je term\u00edn pro proces z\u00edsk\u00e1v\u00e1n\u00ed investi\u010dn\u00edch prost\u0159edk\u016f od investor\u016f v\u00fdm\u011bnou za vyd\u00e1n\u00ed nov\u00e9 kryptom\u011bny. Kryptom\u011bna jako takov\u00e1 je technologie, kter\u00e1 vznikla na z […]<\/p>\n","protected":false},"author":32,"featured_media":69119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[24,28],"acf":[],"_links":{"self":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61457"}],"collection":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/comments?post=61457"}],"version-history":[{"count":3,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61457\/revisions"}],"predecessor-version":[{"id":69123,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/posts\/61457\/revisions\/69123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media\/69119"}],"wp:attachment":[{"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/media?parent=61457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/categories?post=61457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/monolith.law\/cs\/wp-json\/wp\/v2\/tags?post=61457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}