1887
Volume 2019, Issue 2
  • ISSN: 2617-2755
  •  E-ISSN:  Will be obtained soon 2617-2763

Abstract

Technology and financial technology (FinTech) have had an increasingly significant impact in all areas of business and commerce in recent years. Technology and FinTech can specifically bring substantial benefits in terms of efficiency, stability and security, as well as innovation, growth and prosperity despite corresponding risks and exposures. Difficult issues should also be considered to ensure that all relevant legal rights and entitlements are properly respected and protected. Many commentators have argued that computer code can replace law and supporting court systems over time although this has been questioned by others. It is arguable that technology will only work most effectively where underlying legal rights are fully reflected and properly protected through appropriate code and software design and implementation. The purpose of this paper is to examine the nature of the relationship between computer code and law and technology in the specific area of Initial Coin Offerings (ICOs) which are used to raise funding and investment capital for digital coin and digital token development purposes. A number of different types of ICO can be identified and offer phases can be distinguished. These are priced and examined in the new emerging area of Tokenomics. Countries have developed different regulatory approaches to manage the inherent risks created or further exposures that emerge over time. All the relevant issues that arise are reviewed in this paper and provisional conclusions drawn with regard to the most appropriate legal and regulatory approach to be adopted in this exciting new area of technological, financial and social advance.

في‭ ‬السنوات‭ ‬الأخيرة‭ ‬اصبح‭ ‬تأثير‭ ‬التقنية‭ ‬المالية‭ (‬فنتك‭) ‬كبيرا‭ ‬على‭ ‬جميع‭ ‬مجالات‭ ‬الأعمال‭ ‬والتجارة‭ ‬بتحقيق‭ ‬فوائد‭ ‬مجدية‭ ‬كالكفاءة‭ ‬والاستقرار‭ ‬والأمن،‭ ‬فضلاً‭ ‬عن‭ ‬الابتكار‭ ‬والنمو‭ ‬والازدهار‭ ‬على‭ ‬الرغم‭ ‬من‭ ‬المخاطر‭ ‬المصاحبة‭ ‬للعملية‭. ‬لذلك‭ ‬ينبغي‭ ‬إمعان‭ ‬النظر‭ ‬في‭ ‬هذا‭ ‬النوع‭ ‬من‭ ‬القضايا‭ ‬المستحدثة‭ ‬لضمان‭ ‬احترام‭ ‬وحماية‭ ‬جميع‭ ‬الحقوق‭ ‬والواجبات‭ ‬القانونية‭ ‬ذات‭ ‬الصلة‭. ‬وفي‭ ‬هذا‭ ‬الصدد‭ ‬جادل‭ ‬العديد‭ ‬من‭ ‬المهتمين‭ ‬بالموضوع‭ ‬مسألة‭ ‬الكود‭ ‬الخاص‭ ‬بالحاسب‭ ‬الآلي‭ ‬اقانون‭ ‬الحاسوبب‭ ‬وإمكانية‭ ‬حلوله‭ ‬محل‭ ‬القانون‭ ‬في‭ ‬دعم‭ ‬أنظمة‭ ‬المحاكم‭ ‬مع‭ ‬مرور‭ ‬الوقت‭ ‬على‭ ‬الرغم‭ ‬من‭ ‬تشكك‭ ‬البعض‭ ‬في‭ ‬صحة‭ ‬هذه‭ ‬المسألة‭ ‬قبل‭ ‬الآخرين‭. ‬ومع‭ ‬ذلك‭ ‬نستطع‭ ‬القول‭ ‬بان‭ ‬التكنولوجيا‭ ‬محل‭ ‬الدراسة‭ ‬سوف‭ ‬تعمل‭ ‬بشكل‭ ‬أكثر‭ ‬فاعلية‭ ‬عندما‭ ‬تنعكس‭ ‬الحقوق‭ ‬القانونية‭ ‬الأساسية‭ ‬بشكل‭ ‬كامل‭ ‬وتكون‭ ‬محمية‭ ‬من‭ ‬خلال‭ ‬البرامج‭ ‬المصممة‭ ‬خصيصا‭ ‬لهذا‭ ‬الغرض‭ ‬والقوانين‭ ‬المناسبة‭. ‬ترمي‭ ‬هذه‭ ‬المقالة‭ ‬إلى‭ ‬دراسة‭ ‬طبيعة‭ ‬العلاقة‭ ‬بين‭ ‬قانون‭ ‬الحاسوب‭ ‬والقانون‭ ‬والتكنولوجيا‭ ‬في‭ ‬مجال‭ ‬معين‭ ‬وهو‭ ‬ا‭ ‬عروض‭ ‬السعر‭ ‬الأوليب‭ (‬‭) ‬التى‭ ‬تستخدم‭ ‬لجمع‭ ‬التمويل‭ ‬ورأس‭ ‬المال‭ ‬الاستثماري‭ ‬لأغراض‭ ‬تطوير‭ ‬العملات‭ ‬الرقمية‭ ‬والرموز‭ ‬الرقمية‭. ‬يمكن‭ ‬تحديد‭ ‬عدد‭ ‬من‭ ‬الأنواع‭ ‬المختلفة‭ ‬من‭ ‬‭ ‬ويمكن‭ ‬تمييز‭ ‬مراحل‭ ‬العرض،‭ ‬بحيث‭ ‬يتم‭ ‬تسعيرها‭ ‬وفحصها‭ ‬في‭ ‬المنطقة‭ ‬الناشئة‭ ‬الجديدة‭ ‬‭ ‬وتقوم‭ ‬البلدان‭ ‬بتبني‭ ‬مناهج‭ ‬تنظيمية‭ ‬مختلفة‭ ‬لإدارة‭ ‬المخاطر‭ ‬التي‭ ‬تظهر‭ ‬مع‭ ‬مرور‭ ‬الوقت‭. ‬تستعرض‭ ‬المقالة‭ ‬جميع‭ ‬القضايا‭ ‬ذات‭ ‬الصلة‭ ‬وتقدم‭ ‬استنتاجات‭ ‬أولية‭ ‬فيما‭ ‬يتعلق‭ ‬بأنسب‭ ‬نهج‭ ‬قانوني‭ ‬وتنظيمي‭ ‬يتم‭ ‬اعتماده‭ ‬في‭ ‬هذا‭ ‬المجال‭ ‬التكنلوجي‭ ‬الاجتماعي‭ ‬المالي‭ ‬المستحدث‭.‬

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/content/journals/10.5339/rolacc.2019.7
2019-12-31
2020-06-06
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